Form I-335 - Active Trade Or Business Income Reduced Rate Computation (Page 2 of 8) in pdf

Form I-335 - Active Trade Or Business Income Reduced Rate Computation Page 2

STATE OF SOUTH CAROLINA

1350

I-335A

DEPARTMENT OF REVENUE

WORKSHEET 1

PASS-THROUGH INCOME FROM

(Rev. 5/28/14)

A SOLE PROPRIETORSHIP

3421

(Complete one Worksheet 1 for all Schedules C, C-EZ and F)

2014

(Attach Worksheet 1 to your return)

For the year January 1 - December 31, 2014, or fiscal tax year beginning

2014 and ending

2015

Your Social Security number

Print your name

Spouse's Social Security number

Spouse's first name

In order to use the flat tax rate on active trade or business income, an individual, estate or trust with

pass-through income from one or more sole proprietorships or single-member LLCs not taxed as

corporations must complete Worksheet 1.

A taxpayer needs to complete only one Worksheet 1 for all federal Schedules C, C-EZ and F.

South Carolina net profit (loss) all federal Schedules C, C-EZ and F ........

1. $_________.00

Deductible part of self-employment tax related to line 1 (enter the amount

from federal Form 1040 if all business income is taxable to South

Carolina) ..……………………………………………………..………..............

2. $_________.00

Subtract line 2 from line 1 and enter here and on I-335, line 1a ...………..

3. $_________.00

Instructions to Worksheet 1

Line 1

Enter total of South Carolina amounts from federal Schedule C; Schedule C-EZ; and

Schedule F.

Line 2

Enter the amount from Form 1040 that applies to line 1. The entire amount applies

unless one or more of the Schedules C and F are from a multi-state business or

business not taxable to South Carolina.

Line 3

Subtract line 2 from line 1. Enter this amount on I-335, line 1a.

34211029

Form I-335 - Active Trade Or Business Income Reduced Rate Computation Page 2