Get 2011 Form 3553 -- Enterprise Zone Employee Credit - Yuba-sutter ...

Completing the 2011 Form 3553 for the Enterprise Zone Employee Credit can be straightforward when you follow the right steps. This guide will assist you in accurately filling out the form to ensure you maximize your tax benefits.

Follow the steps to fill out the form correctly.

1. Click the ‘Get Form’ button to obtain the form and open it in the editor.
2. Begin by entering your name(s) as shown on your tax return and your Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN).
3. Complete the Enterprise Zone Employee Credit Qualification Checklist found in the instructions to determine if you qualify for the credit.
4. In line 1, input the total wages you earned while working in an enterprise zone, ensuring not to exceed $10,500.
5. If filing jointly, enter your spouse's or registered domestic partner's (RDP’s) total wages from an enterprise zone on line 2, also limited to $10,500.
6. Add the amounts from line 1 and line 2 and enter the sum on line 3.
7. Calculate 5% of the amount from line 3 and record this value on line 4.
8. Reference Form 540 or Long Form 540NR, line 17, and enter that amount on line 5.
9. Evaluate the amount on line 5 against line 3. If line 5 is less than or equal to line 3, enter -0- on line 6. If it is greater, enter the amount from line 3.
10. Multiply the result from line 7 by 9% and record this on line 8.
11. Subtract line 8 from line 4. If the result is zero or less, you do not qualify for this credit.
12. Enter the total enterprise zone wages on line 10.
13. Specify any employee business expenses related to your work in the enterprise zone on line 11.
14. Calculate the net enterprise zone wage income by subtracting line 11 from line 10 and record this on line 12.
15. Using the tax rate schedule, determine the tax owed for line 12 and enter it on line 13.
16. Finally, on line 14, record the total available enterprise zone employee credit, either from line 9 or line 13, as applicable. Ensure to review any additional limitations and instructions before finalizing.

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