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Lee's Summit Missouri online Form 941 (PR): What You Should Know

Other employment income includes the following: Taxable Income: Salary, Wages, Tips, Profit, and Profits. Additional income taxes may include Unemployment taxes. If applicable, the IRS has other forms that can be used for additional information. Form 941 (PR) — Taxpayer's Quarterly Federal Tax Return FISCAL YEAR 2012 STATE AND REGION OF RESIDENCE OF FOLLOWING ENTITY AND APPLICABLE STATUTORY TAX RULES TO BE APPLIED Earning Methods (Gross Income): For the filing of Form 941 (PR) your gross receipts from all employment are generally the property of their employer (if the taxpayer is self-employed). Your gross income is adjusted for the following: All taxable income. Interest, rent, and taxes on such income. The business, profession, or occupation you make. If your gross sales are below the minimum of 5,000 or net income is below the minimum of 100,000, you must make an adjustment to your gross income. The adjustment is figured as follows: (2 x your net income) — (2 x your net income + 1). Example of an adjustment to your taxable income: If 5,000 of your gross income is for business only and 600 is for personal property (such as cars, jewelry, and furniture), and your gross receipts for business and personal property are the same, your adjusted gross income (AGI) would be 6,000 (3 × 5,000) minus 1,000 (1× 5,000). Therefore, your AGI = 5,000 – 1,000 = — 2,400. You will add this amount to 4,400 for AGI = 6,000. Then, subtract the 400 adjustment for personal property from your AGI to get your net income. For example, if your AGI in Example 2 is 5,000 and net income for business is 600, your adjusted gross income is 5,000 – 1,300 = -2,300. So to calculate your net income for tax year 2012, you would subtract -2,300 from your AGI = –2,400 = -2,300.

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