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2023 Form OR-TM Instructions, Tri-County Metropolitan Transportation District TriMet Self-Employment

2023 Form OR-TM Instructions, Tri-County Metropolitan Transportation District TriMet Self-Employment-2025

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The document provides detailed instructions for filing the 2024 Form OR-TM, which pertains to the TriMet self-employment tax applicable to individuals conducting business within the TriMet District in Oregon. It outlines requirements for filing, payment methods, exemptions, penalties for late payments, and specific guidelines for partnerships. The TriMet tax funds mass transportation and applies to self-employment earnings from various activities within designated ZIP codes in Multnomah, Clackamas, and Washington counties.

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What is the commuter tax benefit for 2023?

Under Federal law (26 U.S. Code 132), an employer may provide (or withhold) up to $300/month (2023) and increasing to $315/month in 2024 for qualified transit and vanpool expenses. Commuter may also double the value of the benefit when parking at transit facilities.

What is the new tax law for 2023?

Reporting rules changed for Form 1099-K. Taxpayers should receive Form 1099-K, Payment Card and Third Party Network Transactions, by January 31, 2023, if they received third party payments in tax year 2022 for goods and services that exceeded $600. Theres no change to the taxability of income.

What is or TriMet tax for 2023?

The tax rate is 0.008037 (. 8037 of 1 percent). Who must file and pay this tax? Anyone who has self-employment earnings from business or service activities carried on or delivered in the TriMet District must pay this tax.

What is form or TM?

The 2022 Form OR-TM is essential for reporting self-employment taxes in Oregon. This form helps taxpayers determine their self-employment earnings and transit district tax obligations.

How do I pay TriMet self-employment tax online?

You can make payments anytime at .oregon.gov/dor. Dont use Form OR-TM-V when paying online. Mailed payments: Make your check, money order, or cashiers check pay- able to the Oregon Department of Revenue.

What is the Oregon TriMet payroll tax?

Taxes that provide operating revenue for TriMet are administered and collected by the Oregon Department of Revenue. Effective January 1, 2025, the tax rate increased to 0.8237% of the wages paid by an employer and the net earnings from self-employment for services performed within the TriMet District boundary.

How much do you pay in taxes for self-employment?

What is self-employment tax? The self-employment tax rate is 15.3%. It applies to net earnings what many call profit. You may need to pay self-employment taxes throughout the year.

What is the commuter tax in Oregon?

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.

2023 Form OR-TM Instructions, Tri-County Metropolitan Transportation District TriMet Self-Employment-2025

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