Form 1040-Es - Estimated Tax For Individuals - 2014 Page 6
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122014 Self-Employment Tax and Deduction Worksheet for
Lines 1 and 11 of the Estimated Tax Worksheet
Keep for Your Records
1a. Enter your expected income and profits subject to self-employment tax* . . . . . . . . .
1a.
b. If you will have farm income and also receive social security retirement or disability
benefits, enter your expected Conservation Reserve Program payments that will be
included on Schedule F (Form 1040) or listed on Schedule K-1 (Form 1065)
. . . . .
b.
2. Subtract line 1b from line 1a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.
3. Multiply line 2 by 92.35% (.9235) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3.
4. Multiply line 3 by 2.9% (.029) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.
5. Social security tax maximum income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$117,000
5.
6. Enter your expected wages (if subject to social security tax or the 6.2% portion of
tier 1 railroad retirement tax) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.
7. Subtract line 6 from line 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7.
Note. If line 7 is zero or less, enter -0- on line 9 and skip to line 10.
8. Enter the smaller of line 3 or line 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8.
9. Multiply line 8 by 12.4% (.124) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9.
10. Add lines 4 and 9. Enter the result here and on line 11 of your 2014 Estimated Tax Worksheet . . . . . . . . . . . .
10.
11. Multiply line 10 by 50% (.50). This is your expected deduction for self-employment
tax on Form 1040, line 27. Subtract this amount when figuring your expected AGI on
line 1 of your 2014 Estimated Tax Worksheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11.
* Your net profit from self-employment is found on Schedule C (Form 1040), line 31; Schedule F (Form 1040), line 34; Schedule K-1 (Form 1065), box 14,
code A; and Schedule K-1 (Form 1065-B), box 9, code J1.
2014 Tax Rate Schedules
Caution. Do not use these Tax Rate Schedules to figure your 2013 taxes. Use only to figure your 2014 estimated taxes.
Schedule X—Use if your 2014 filing status is
Schedule Z—Use if your 2014 filing status is
Single
Head of household
If line 5
If line 5
is:
The tax is:
is:
The tax is:
of the
of the
But not
amount
But not
amount
Over—
over—
over—
Over—
over—
over—
$0
$9,075
-----------
+ 10%
$0
$0
$12,950
-----------
+ 10%
$0
9,075
36,900
$907.50 + 15%
9,075
12,950
49,400
$1,295.00 + 15%
12,950
36,900
89,350
5,081.25 + 25%
36,900
49,400
127,550
6,762.50 + 25%
49,400
89,350
186,350
18,193.75 + 28%
89,350
127,550
206,600
26,300.00 + 28%
127,550
186,350
405,100
45,353.75 + 33%
186,350
206,600
405,100
48,434.00 + 33%
206,600
405,100
406,750 117,541.25 + 35%
405,100
405,100
432,200
113,939.00 + 35%
405,100
406,750
----------- 118,118.75 + 39.6%
406,750
432,200
-----------
123,424.00 + 39.6%
432,200
Schedule Y-1— Use if your 2014 filing status is
Schedule Y-2—Use if your 2014 filing status is
Married filing jointly or Qualifying widow(er)
Married filing separately
If line 5
The tax is:
If line 5
The tax is:
is:
is:
of the
of the
But not
amount
But not
amount
Over—
over—
over—
Over—
over—
over—
$0
$18,150
-----------
+ 10%
$0
$0
$9,075
---------
+ 10%
$0
18,150
73,800
$1,815.00 + 15%
18,150
9,075
36,900
$907.50 + 15%
9,075
73,800
148,850
10,162.50 + 25%
73,800
36,900
74,425
5,081.25 + 25%
36,900
148,850
226,850
28,925.00 + 28%
148,850
74,425
113,425
14,462.50 + 28%
74,425
226,850
405,100
50,765.00 + 33%
226,850
113,425
202,550
25,382.50 + 33%
113,425
405,100
457,600 109,587.50 + 35%
405,100
202,550
228,800
54,793.75 + 35%
202,550
457,600
--------- 127,962.50 + 39.6%
457,600
228,800
-----------
63,981.25 + 39.6%
228,800
-6-
Form 1040-ES (2014)
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