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Calculate Earnings for Vetted Biz Businesses

Based on the Business Type

Financial Numbers for most single member LLCs

Schedule C (Form 1040 or 1040-SR)

$_________                       Ordinary business income (loss) | Line 31

+$___________ Guaranteed payments to partners | Line 10

+$___________ Interest | Mortgage (paid to banks, etc.) | Line 16a

+$___________            Interest | Other | Line 16b

+$___________ Depreciation | Line 13

W-2

+$___________            Elective deferrals to a section 401(k) cash or deferred arrangement plan | Line 12 (D inserted in)

+$___________            Employer contributions | Line 12 (W inserted in)

=

$___________   Earnings

Financial Numbers on U.S. Income Tax Return for an S-Corp

Form 1120-S

$_________        Ordinary business income (loss) | Line 21 of Form 1120-S

+$___________ Compensation of Officers | Line 7 of Form 1120-S

+$___________ Interest | Line 13

+$___________ Depreciation | Line 14

W-2

+$___________            Elective deferrals to a section 401(k) cash or deferred arrangement plan | Line 12 (D inserted in)

+$___________            W—Employer contributions | Line 12 (W inserted in)

=

$___________   Earnings

Form 1120-S

Financial Numbers on U.S. Corporate Income Tax Return

Form 1120

$_________        Taxable Income | Line 30

+$___________ Compensation of Officers | Line 12

+$___________ Interest | Line 18

+$___________ Depreciation | Line 20

W-2

+$___________            Elective deferrals to a section 401(k) cash or deferred arrangement plan | Line 12 (D inserted in) of W-2

+$___________            Employer contributions | Line 12 (W inserted in)

=

$___________   Earnings

Financial Numbers for most multi-member LLCs

Form 1065

$_________                       Ordinary business income (loss) | Line 22

+$___________ Guaranteed payments to partners | Line 10

+$___________ Interest | Line 15

+$___________ Depreciation | Line 16c

W-2

+$___________            Elective deferrals to a section 401(k) cash or deferred arrangement plan | Line 12 (D inserted in)

+$___________            Employer contributions | Line 12 (W inserted in)

=

$___________   Earnings

Form 1120
W-2

Department of the Treasury -Internal Revenue Service

 

Box 12. The following list explains the codes shown in box 12. You may need this information to complete your tax return.

Elective deferrals (codes D, E, F, and S) and designated Roth contributions (codes AA, BB, and EE) under all plans are generally limited to a total of $19,000 ($13,000 if you only have SIMPLE plans; $22,000

 

A—Uncollected social security or RRTA tax on tips. Include this tax on Form 1040. See the Form 1040 instructions.

B—Uncollected Medicare tax on tips. Include this tax on Form 1040. See the Form 1040 instructions.

C—Taxable cost of group-term life insurance over $50,000 (included in boxes 1, 3 (up to social security wage base), and 5)

D—Elective deferrals to a section 401(k) cash or deferred arrangement. Also includes deferrals under a SIMPLE retirement account that is part of a section 401(k) arrangement.

E—Elective deferrals under a section 403(b) salary reduction agreement

F—Elective deferrals under a section 408(k)(6) salary reduction SEP

G—Elective deferrals and employer contributions (including nonelective deferrals) to a section 457(b) deferred compensation plan

H—Elective deferrals to a section 501(c)(18)(D) tax-exempt organization plan. See the Form 1040 instructions for how to deduct.

J—Nontaxable sick pay (information only, not included in box 1, 3, or 5)

K—20% excise tax on excess golden parachute payments. See the Form 1040 instructions.

L—Substantiated employee business expense reimbursements (nontaxable)

M—Uncollected social security or RRTA tax on taxable cost of group-term life insurance over $50,000 (former employees only). See the Form 1040 instructions.

N—Uncollected Medicare tax on taxable cost of group-term life insurance over $50,000 (former employees only). See the Form 1040 instructions.

P—Excludable moving expense reimbursements paid directly to a member of the U.S. Armed Forces (not included in box 1, 3, or 5)

Q—Nontaxable combat pay. See the instructions for Form 1040 for details on reporting this amount.

R—Employer contributions to your Archer MSA. Report on Form 8853, Archer MSAs and Long-Term Care Insurance Contracts.

S—Employee salary reduction contributions under a section 408(p) SIMPLE plan (not included in box 1)

T—Adoption benefits (not included in box 1). Complete Form 8839, Qualified Adoption Expenses, to compute any taxable and nontaxable amounts.

V—Income from exercise of nonstatutory stock option(s) (included in boxes 1, 3 (up to social security wage base), and 5). See Pub. 525, Taxable and Nontaxable Income, for reporting requirements.

W—Employer contributions (including amounts the employee elected to contribute using a section 125 (cafeteria) plan) to your health savings account. Report on Form 8889, Health Savings Accounts (HSAs).

Y—Deferrals under a section 409A nonqualified deferred compensation plan

Z—Income under a nonqualified deferred compensation plan that fails to satisfy section 409A. This amount also is included in box 1. It is subject to an additional 20% tax plus interest. See the Form 1040 instructions.

AA—Designated Roth contributions under a section 401(k) plan

BB—Designated Roth contributions under a section 403(b) plan

DD—Cost of employer-sponsored health coverage. The amount reported with code DD is not taxable.

EE—Designated Roth contributions under a governmental section 457(b) plan. This amount does not apply to contributions under a tax- exempt organization section 457(b) plan.

FF—Permitted benefits under a qualified small employer health reimbursement arrangement

GG—Income from qualified equity grants under section 83(i)

HH—Aggregate deferrals under section 83(i) elections as of the close of the calendar year

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