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Form 1040 (Schedule C-EZ) for Pittsburgh Pennsylvania: What You Should Know
PA Schedule V — State Tax Return, Forms, & Schedule. -1. General. -2. Taxable events. -3. Deduction for certain payments. -4. Expenses. 8-a. Payroll Expense Tax (ET) Allocation Schedule. 8-a. Payroll Expense Tax (ET) Allocation Schedule. Enter the amounts shown on line 29 (including the applicable Social Security and Medicare tax) according to tax filing period in which expense is paid. For example, if you itemize your deductions, figure your expense by adding the amounts in line 14, line 6, and line 8 together to determine the total paid in the tax filing quarter. If you file your return for the tax year ending December 31, determine your expense by deducting from line 10 only the amount reported on line 26 in the table. F. Taxable Events. 1. Profit. — The basis of an asset is equal to its cost. A business you own when you pay it off may be worth more than the cost. The difference is referred to as profit. (To figure the cost of an asset, find the annual cost to obtain one year's worth of depreciation on that asset.) If a rental property is used as the source of income, then the basis of the rental property is determined by the rental income for the year. Include any income from the rental property on your personal income tax return if the property is more than a year old, and you make income from it (including rent) on Schedule A. Furniture and other personal property used by you in your farm business (as defined in IRC 6109) may be subject to the tax on its gain. Include it on your personal income tax return if the gain on the sale was more than the gain recognized on the basis of the furniture for the tax year. If you are a partnership, the basis of the company, or partnerships, is your share of partnership benefits (as defined in IRC 703(c)) plus 50% of net partnership investment income or net partnership profits.
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