Get Get Form Or-tm-v, Trimet Self-employment Tax Payment ...

The Statewide Transit Tax is calculated based on the employee's wages as defined in ORS 316.162. Employees who aren't subject to regular income tax withholding due to high exemptions, wages below the threshold for income tax withholding, or other factors are subject to Statewide Transit Tax withholding.

Your transit tax is reported quarterly using the Oregon Quarterly Tax Report (Form OQ). Make your payment using the payment coupon, Form OR-OTC-V, or through the department's electronic fund transfer (EFT). For EFT information, call 503-945-8100 option four then option one.

It is similar to the Social Security and Medicare taxes withheld from the pay of most wage earners. In general, the wording "self-employment tax" only refers to Social Security and Medicare taxes and not any other tax (like income tax).

Your transit tax is reported quarterly using Form OQ. Make your payment using the payment coupon, Form OR-OTC-V, or through the electronic fund transfer (EFT). For EFT informa- tion, go to .oregon.gov/dor/programs/businesses or call 503-945-8100 option 4 then option 1.

More In Forms and Instructions Use Schedule SE (Form 1040) to figure the tax due on net earnings from self-employment.

You must pay self-employment tax and file Schedule SE (Form 1040 or 1040-SR) if either of the following applies. Your net earnings from self-employment (excluding church employee income) were $400 or more. You had church employee income of $108.28 or more.

Taxes that provide operating revenue for TriMet are administered and collected by the Oregon Department of Revenue. Effective January 1, 2023, the tax rate increased to 0.8037% of the wages paid by an employer and the net earnings from self-employment for services performed within the TriMet District boundary.

The TriMet district serves portions of the counties of Multnomah, Washington, and Clackamas; it extends from Troutdale to Forest Grove east to west, and from Sauvie Island to Oregon City and Estacada north to south.

The self-employment tax rate is 15.3%, with 12.4% for Social Security and 2.9% for Medicare. However, the Social Security portion may only apply to a part of your business income.