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TN Form 1040 (Schedule H): What You Should Know
You'll need to get Form 1040, Schedule H (Form 1040), with your income and expense items. You will need to fill it out using the current tax tables. Schedule H is an informational return that is used by federal, state and local tax units to help assess the amount of employment taxes payable. This form tells which employees to tax, how much they should be taxed, and whether taxes should be withheld, including any payroll taxes, unemployment taxes, social security taxes or tax-filing taxes. If you are not filing Schedule H, you'll pay tax with the pay stub, which you would enter on line 1 of Form 1040. For Form 1040 to apply to you for your federal income tax, you must have earned income and no net unearned income. Taxable income means you have earned income. Net unearned income is income from all the sources you can choose, other than from rental real estate. This includes, but is not limited to, interest and dividends from stock and bonds. You cannot have unearned income other than from earned income. A tax return also must be filed. The form includes instructions for completing it. For more instructions, click here. For a detailed description of what items to add to Form 1040, click here. If you do not have an employer, enter on line 25 “Household employees, none” and enter your family name: “ERA, A, B, C, D”, the name you give (for example, “ERA, A, B, C, D, and ERA, E”) and the last six digits of your social security number (SSN) on line 3. If all the employees on this list (line 9) have tax withheld at the federal level and the total wages you pay each of these employees are more than 30,000, your household employment taxes are 1,180 per employee and they each pay 6 per 1,000 in wages. If you have a household of 20 employees and each employee brings home an income less than 30,000, and you only pay wages of 6,000 per year, the household employment taxes are 180 per employee and each employee pays 300 per year in employment taxes.
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