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Form 1040 (Schedule H) for Eugene Oregon: What You Should Know

Schedule H (Form 1040), Household Employment Taxes Do not include this section on your W2. If your employee does not live in your home, then you can complete Schedule H based on an estimate of the amount the person earned. Example: You pay a household employee 1,500,000 a year. The person earns up to 1,300,000, so you must report the entire 1,300,000 based on the amount the person earned. You calculate the full amount of Schedule H using the formula in the next paragraph. A. Assume the person worked as an independent contractor, then an independent contractor was employed to perform all the work for 500,000 in addition to 1,500,000 your household employee. Calculations based on an Estimated Amount of the Amount of Taxes Due: 1. The IRS has your Form 1040, Schedule SE, to determine the estimated tax due. 2. Do the following: a. Determine how much Social Security, Medicare, Withheld Income, Employer Self-Employment Tax, and Federal Unemployment (FTA) Tax will be withheld from payroll. b. Do not include tax withheld from payroll amounts on your W2. c. Do not include any tax on amounts on Form 1040, Schedule SE, that are required to be reported on Form 1040, Schedule SE, with your employer. d. Multiply the amount withheld and add it to what would be the full amount of the withholding on your pay. Calculating the Schedule H Amount Based on a Form 1040, Schedule SE a. Complete Schedule H—Tax Assistance. b. Complete Schedule SE—Other Forms and Publications and Report Your Wages or Deductions. c. Complete the entire Schedule SE with your household employee's name and Social Security number and any other information required. Example: You are taxed under section 55 of the federal income tax act. There are income tax withholding requirements and tax withheld on the employee's wages. If you are required to withhold Federal Unemployment (FTA) Tax from your pay and withholding is greater than the tax withholding from your wages, you are not required to withhold that amount from your employer's payroll taxes.

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