Instructions For Form 1040-Ss - U.s. Self-Employment Tax Return (Including The Additional Child Tax Credit For Bona Fide Residents Of Puerto Rico) - Internal Revenue Service - 2006
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82006
Department of the Treasury
Internal Revenue Service
Instructions for Form
1040-SS
U.S. Self-Employment Tax Return (Including the Additional Child Tax Credit for
Bona Fide Residents of Puerto Rico)
You may also be required to file an
tips or uncollected social security and
Section references are to the Internal
income tax return with the government of
Medicare tax on tips or group-term life
Revenue Code unless otherwise noted.
Guam, American Samoa, the USVI, the
insurance (see the instructions for Part I,
General Instructions
CNMI, or Puerto Rico. Check with your
line 5, on page 4).
•
local tax office for more details.
Claim excess social security tax
withheld.
What’s New
•
Additional Information
Claim the additional child tax credit
•
For 2006, the maximum amount of
(bona fide residents of Puerto Rico only).
See the instructions for Schedule C (Form
•
self-employment income subject to social
Claim the health coverage tax credit
1040), Profit or Loss From Business, and
security tax is $94,200.
(bona fide residents of Puerto Rico only).
Schedule F (Form 1040), Profit or Loss
•
The rules for determining whether you
From Farming, for information on
are a bona fide resident of a possession
When To File
business and farm income and expenses.
have changed. For details, see Pub. 570,
Also, see Pub. 334, Tax Guide for Small
If you file on a calendar year basis, file by
Tax Guide for Individuals With Income
Business (For Individuals Who Use
April 16, 2007. If you file on a fiscal year
From U.S. Possessions.
Schedule C or C-EZ), and Pub. 225,
basis, file by the 15th day of the 4th
•
If you are a debtor in a chapter 11
Farmer’s Tax Guide.
month after the close of your fiscal year.
bankruptcy case, you must pay
For details on 2006 tax law changes,
self-employment tax on your net earnings
Where To File
see Pub. 553, Highlights of 2006 Tax
from self-employment, even though the
Changes.
Internal Revenue Service Center, Austin,
bankruptcy estate pays the income tax on
If you expect to owe SE tax of $1,000
your net profit. See Chapter 11
TX 73301-0215.
or more for 2007, you may have to make
Bankruptcy Cases on page 3.
•
estimated tax payments. Use Form
Amount You Owe
If you paid the federal excise tax on
1040-ES, Estimated Tax for Individuals,
your U.S. long distance or bundled
to make estimated tax payments.
Pay by Check or Money Order
telephone service, you may be able to
request a credit. See the instructions for
Enclose your check or money order for
Who Must File
line 10 on page 4.
the full amount due with Form 1040-SS.
You must file Form 1040-SS if:
Make it payable to the “United States
Purpose of Form
Treasury.” Do not send cash. Enter “2006
1. You, or your spouse if filing a joint
Form 1040-SS” and your name, address,
Residents of the U.S. Virgin Islands
return, had net earnings from
daytime phone number, and social
(USVI), Guam, American Samoa, the
self-employment (from other than church
security number (SSN) on your payment.
Commonwealth of the Northern Mariana
employee income) of $400 or more (or
If you are filing a joint return, enter the
Islands (CNMI), and the Commonwealth
you had church employee income of
SSN shown first on your Form 1040-SS.
$108.28 or more — see Church
of Puerto Rico (Puerto Rico) use Form
1040-SS to:
Employees on page 2);
To help process your payment, enter
•
2. You do not have to file Form 1040
Report net earnings from
the amount on the right side of the check
with the United States; and
self-employment and pay
like this: $ XXX.XX. Do not use dashes or
3. You are a resident of:
self-employment (SE) tax. The Social
lines (for example, do not enter “$ XXX – ”
Security Administration (SSA) uses this
xx
a. Guam,
or “$ XXX
”).
100
information to figure your benefits under
b. American Samoa,
Pay Electronically
the social security program. SE tax
c. The USVI,
applies no matter how old you are and
d. The CNMI, or
Pay by credit card. You can use your
even if you already are receiving social
e. Puerto Rico. (You may file either
American Express Card, Discover
security or Medicare benefits.
Form 1040-PR or Form 1040-SS.)
Card, MasterCard card, or Visa card.
•
Report and pay household employment
To pay by credit card, call toll-free or visit
taxes.
Even if you have a loss or little
the website of either service provider
•
TIP
Report and pay employee social
income from self-employment, it
listed below and follow the instructions. A
may benefit you to file Form
security and Medicare tax on unreported
convenience fee will be charged by the
tips or uncollected social security and
1040-SS and use either ‘‘optional
service provider based on the amount you
Medicare tax on tips or group-term life
method’’ in Part VI. See page 7.
are paying. Fees may vary between the
insurance (see the instructions for Part I,
If (2) and (3) above apply, you also
providers. You will be told what the fee is
line 5, on page 4).
must file Form 1040-SS (or Form
during the transaction and you will have
•
Claim excess social security tax
1040-PR in Spanish if you are a resident
the option to either continue or cancel the
withheld.
of Puerto Rico) to:
transaction. You can also find out what
•
•
Claim the additional child tax credit
Report and pay household employment
the fee will be by calling the provider’s
(bona fide residents of Puerto Rico only).
taxes.
toll-free automated customer service
•
•
Claim the health coverage tax credit
Report and pay employee social
number or visiting the provider’s website
(bona fide residents of Puerto Rico only).
security and Medicare tax on unreported
shown below. If you pay by credit card
Cat. No. 26341Y
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