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How to use or fill out 2024 Form OR-TM, Tri-County Metropolitan Transportation District Self-Employment Tax, 150-555-001 with our platform
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Click ‘Get Form’ to open it in the editor.
Begin by entering your fiscal year dates in the designated fields (MM/DD/YYYY). Ensure accuracy as this affects your tax calculations.
Indicate if you are filing an amended return, changing your name or address, or if an extension has been filed by checking the appropriate boxes.
Fill in your personal information: first name, last name, Social Security number (SSN), and contact phone number. If applicable, include partnership details.
Report self-employment earnings from federal Schedule SE on line 1. Follow this by calculating your apportionment percentage on line 2.
Calculate net self-employment earnings by multiplying line 1 by line 2 and enter the result on line 3.
Deduct any exclusions on line 4 and calculate net earnings subject to transit district tax on line 5.
Complete lines for tax calculations: multiply net earnings by the tax rate on line 6 and report any prepayments on line 7.
Determine total amount due or refund based on lines 8 through 11. Ensure all calculations are accurate before submission.
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Key Takeaways. Self-employment tax in Oregon includes federal taxes of 15.3%, covering Social Security and Medicare. Oregon does not have an extra self-employment tax, but state income taxes still apply based on your earnings.
Can I deduct Oregon state transit tax?
Examples of taxes you cant deduct Income taxes paid to another state on which youre bas- ing an Oregon credit. Oregon statewide transit tax. Federal income tax.
Why am I paying Oregon transit tax?
Revenue from the Statewide Transit Tax will go into the Statewide Transportation Improvement Fund to finance investments and improvements in public transportation services, except for those involving light rail.
How do I pay my TriMet self-employment tax?
If you pay someone to file your federal and state taxes, they can also file your TriMet tax return electronically. How to Pay? Make payments on-line at Oregon.gov/dor or send a paper check or money order to: Oregon Department of Revenue, PO Box 14950, Salem OR 97309-0950.
Do I have to pay Oregon transit tax?
The Oregon transit tax is a statewide payroll tax that employers withhold from employee wages. Oregon employers must withhold 0.10% (0.001) from each employees gross pay. Withhold the state transit tax from Oregon residents and nonresidents who perform services in Oregon.
The SHS personal tax is owed by individuals with Metro taxable income above $125,000 if filing single or $200,000 if filing joint who live in Metro (including for only a portion of the year), work in Metro, or have income from Metro sources even if not a resident of Metro.
Who is subject to the Oregon lane transit tax?
Nearly every employer who pays wages for services performed in this district must pay transit payroll tax. The transit tax is imposed directly on the employer. The tax is figured only on the amount of gross payroll for services performed within the Lane Transit District.
Who has to pay TriMet tax in Oregon?
The Oregon Department of Revenue administers tax programs for the Tri-County Metropolitan Transportation District (TriMet). Nearly every employer who pays wages for services performed in this district must pay transit payroll tax. The transit tax is imposed directly on the employer.
Related links
2024 Form OR-TM, Tri-County Metropolitan Transportation
Tri-county Metropolitan Transportation District Self-employment Tax. Oregon Department of Revenue. Federal employer identification number (FEIN). Business
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