FORM 1040 SS, U.S. Self-Employment Tax Return

Most US citizens are required by the Internal Revenue Service to file a federal tax return form every each. However, some US citizens are not required to do this. For instance, citizens of the United States who live in various non-state territories which are governed by the United States government do not have to file this standard form. But they are still not off the hook. Many must still file a form such as 1040 SS which governs US Self-Employment Tax.

What is the Form for?
Form 1040 SS is for resident of various US territories such as:

  • -The U.S. Virgin Islands
  • -Guam
  • -American Samoa
  • -The Northern Mariana Islands
  • -Puerto Rico

Many citizens of these territories are classified as Self-Employed workers. And as a result, they must file Form 1040 SS to report self-employment income, and in many cases to pay self-employment tax as a result. Furthermore, this form is used by the Social Security Administration to discern the benefits accrued by self-employed works within the Social Security program. Hence the form’s suffix (SS).

In particular, those required to file this form are citizens who are self-employed, but who also earn $400 or more in an given tax year. Of course, those considered self-employed are any who work for themselves even if their occupation is farm related, a common occupation in these United States territories. Another common vocation that is often considered a form of self-employment is employment by a church. Pastors and other paid church leaders, in the 50 states or in the outlying territories, are required to report and pay taxes on self-employment income using a form like 1040 SS. And another possible category of worker who is considered self-employed is anyone who is a US citizen, living in an outlying U.S. territory, but employed by a foreign government.

Information Needed to File Form 2553
In order to file Form 2553, the shareholders must provide the following information:

  • -The Corporation’s Legal Name and Address (located on the corporate charter)
  • -The Employer Identification Number
  • -Effective Date of Election
  • -The Selected Tax Year to Apply S Corporation Status
  • -The Signature of One or More of the Corporation’s Officers
  • -A Statement of Consent by the Shareholders

Other Related Documents
- Instructions for completing Form 1040 SS
-Form 1040 – the standard tax return form for US citizens,
-Form 1040SS – the standard self-employment tax return form for US citizens
-Form 1040 PR – the Spanish equivalent of Form 1040SS