Instructions For Form Ct-1 - 2008 printable pdf download

2 0 08

Department of the Treasury

Internal Revenue Service

Instructions for Form CT-1

Employer’s Annual Railroad Retirement Tax Return

taxes, the IRS offers you convenient programs to make it

Section references are to the Internal Revenue Code unless

otherwise noted.

easier. Spend less time on taxes and more time running

your business. Use Electronic Federal Tax Payment System

What’s New

(EFTPS) to your benefit. To learn more about EFTPS, visit

or call EFTPS Customer Service at

Changes to tax rates and compensation bases. For

1-800-555-4477.

2008 tax rates and compensation bases, see Employer and

Employee Taxes — Tax Rates and Compensation Bases on

Where can you get telephone help? You can call the IRS

page 2.

toll free at 1-800-829-4933 on Monday through Friday from

7 a.m. to 10 p.m. local time (Alaska and Hawaii follow

New adjustment process for Railroad Retirement Tax

Pacific time) to order tax deposit coupons (Form 8109) and

Act (RRTA) taxes. After December 31, 2008, if you

for answers to your questions about completing Form CT-1,

discover an error on a previously filed Form CT-1, use Form

tax deposit rules, or obtaining an employer identification

CT-1 X, Adjusted Employer’s Annual Railroad Retirement

number (EIN).

Tax Return or Claim for Refund, to make the correction. Do

not make the correction on line 12 of Form CT-1. However,

continue to report on line 12 of Form CT-1 current period

Photographs of Missing Children

adjustments such as sick pay, fractions of cents, and credits

for overpayments of penalty or interest paid on tax for earlier

The Internal Revenue Service is a proud partner with the

years. Errors discovered prior to January 1, 2009 can still be

National Center for Missing and Exploited Children.

reported on line 12. For more information, get the

Photographs of missing children selected by the Center may

Instructions for Form CT-1 X or visit the IRS website at

appear in instructions on pages that would otherwise be

blank. You can help bring these children home by looking at

the photographs and calling 1-800-THE-LOST

Paid preparers are required to sign Form CT-1. A

(1-800-843-5678) if you recognize a child.

preparer must sign Form CT-1 and provide the information

requested in the Paid Preparer’s Use Only section of Part I if

General Instructions

the preparer:

•

was paid to prepare the Form CT-1, and

•

is not an employee of the filing entity.

Purpose of Form

The preparer must give you a copy of the return in

Use Form CT-1 to report taxes imposed by the Railroad

addition to the copy filed with the IRS.

Retirement Tax Act (RRTA). Use Form 941, Employer’s

QUARTERLY Federal Tax Return, or, if applicable, Form

944, Employer’s ANNUAL Federal Tax Return, to report

Reminders

federal income taxes withheld from your employees’ wages.

Additional information.

•

Pub. 15 (Circular E), Employer’s Tax Guide, contains

Who Must File

information for withholding, depositing, reporting, and paying

File Form CT-1 if you paid one or more employees

employment taxes.

•

compensation subject to tax under RRTA.

Pub. 15-A, Employer’s Supplemental Tax Guide, contains

specialized and detailed employment tax information

A payer of sick pay (including a third party) must file Form

supplementing the basic information provided in

CT-1 if the sick pay is subject to Tier I railroad retirement

Pub. 15 (Circular E).

•

taxes. Include sick pay payments on lines 7 through 10 of

Pub. 15-B, Employer’s Tax Guide to Fringe Benefits,

Form CT-1. Follow the reporting procedures for sick pay

contains information about the employment tax treatment of

reporting in section 6 of Pub. 15-A, Employer’s

various types of noncash compensation.

•

Supplemental Tax Guide.

Pub. 915, Social Security and Equivalent Railroad

Retirement Benefits, contains the federal income tax rules

Disregarded entities and qualified subchapter S

for social security benefits and equivalent Tier I railroad

subsidiaries. Treasury Decision 9356, effective for wages

retirement benefits.

paid on or after January 1, 2009, treats eligible

•

The Railroad Retirement Board (RRB) website at

single-owner disregarded entities and qualified subchapter S

contains additional employer reporting

subsidiaries (Q Subs) as separate entities for employment

information and instructions.

tax purposes. Business owners can no longer elect to treat

the related employment taxes as a liability of the owner.

You can order forms and publications by calling

Instead, report the employment taxes on employment tax

1-800-829-3676 or visiting the IRS website at

returns filed by the disregarded entity or Q Sub. For more

Electronic payment. Now, more than ever before,

information, see Disregarded entities and qualified

businesses can enjoy the benefits of paying their federal

subchapter S subsidiaries in the Introduction section of Pub.

taxes and railroad retirement payments electronically.

15 (Circular E), Employer’s Tax Guide. You can find T.D.

Whether you rely on a tax professional or handle your own

9356 at

Cat. No. 16005H

Instructions For Form Ct-1 - 2008

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