Form 515 - For Nonresidents Employed In Maryland Who Reside In Jurisdictions That Impose A Local Income Or Earnings Tax On Maryland Residents - 2014 Page 8
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12NONRESIDENT ITEMIZED DEDUCTION WORKSHEET FOR HIGH-INCOME TAXPAYERS (15B)
Calculation of State and Local Income Tax Limitation.
1. ENTER the amount from line 29 of federal Schedule A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. $ ________________
2. ENTER the total of lines 4, 14 and 20, plus any gambling and casualty or theft losses included
in line 28 of federal Schedule A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. $ _______________
3. Federal itemized deductions that were limited (SUBTRACT line 2 from line 1.) . . . . . . . . . . . . . . 3. $ _______________
4. Federal itemized deductions subject to limitation (ENTER the total of lines 9, 10, 11, 12, 13,
19, 27 and line 28 less any gambling and casualty or theft losses included in 28 of
federal Schedule A.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4. $ _______________
5. DIVIDE line 3 by line 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.
_____________%
6. ENTER the amount of state and local income taxes from line 5 of federal Schedule A . . . . . . . . . 6. $ _______________
7. MULTIPLY line 5 by line 6. Enter here and on line 2 of the BASIC ITEMIZED DEDUCTION
WORKSHEET A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7. $ ________________
Line 7. Add lines 5 through 6b.
2014 TAX RATE SCHEDULES
Line 8.
Subtract line 7 from line 4. This is your Maryland
Tax Rate Schedule I
Adjusted Gross Income.
Line 8a.
If you are using the standard deduction amount,
F
or taxpayers filing as Single, Married Filing Separately, or as
recalculate the standard deduction (line 8) based on the
Dependent Taxpayers. This rate is also used for taxpayers filing
as Fiduciaries.
Maryland adjusted gross income.
If taxable net income is:
Maryland Tax is:
Line 9. Compute your Maryland income factor by dividing line
At least:
but not over:
8 by line 3. Carry the factor to six decimal places. The factor
$0
$1,000
2.00% of taxable net income
cannot exceed 1 (100%) and cannot be less than zero (0%). If
$1,000
$2,000
$20.00
plus
3.00% of excess over $1,000
$2,000
$3,000
$50.00
plus
4.00% of excess over $2,000
line 8 is 0 or less, the factor is 0. If line 8 is greater than 0 and
$3,000
$100,000
$90.00
plus
4.75% of excess over $3,000
line 3 is 0 or less, the factor is 1.
$100,000
$125,000
$4,697.50
plus
5.00% of excess over $100,000
$125,000
$150,000
$5,947.50
plus
5.25% of excess over $125,000
Line 10. If you are using the standard deduction, multiply the
$150,000
$250,000
$7,260.00
plus
5.50% of excess over $150,000
standard deduction from line 1 of the NONRESIDENT STANDARD
$250,000
$12,760.00
plus
5.75% of excess over $250,000
DEDUCTION WORKSHEET (14A) in Instruction 14 by the factor
on line 9 of this form, and enter the result on line 10a. If you
Tax Rate Schedule II
are itemizing your deductions, multiply the net deductions from
F
or taxpayers filing Joint, Head of Household, or for Qualifying
line 3 of your BASIC ITEMIZED DEDUCTIONS WORKSHEET
Widows/Widowers.
(15A) in Instruction 15 by the factor on line 9 of this form, and
enter the result on line 10b.
If taxable net income is:
Maryland Tax is:
At least:
but not over:
Line 11. If you are using the standard deduction, subtract line
$0
$1,000
2.00% of taxable net income
10a from line 8. If you are using itemized deductions, subtract
$1,000
$2,000
$20.00
plus
3.00% of excess over $1,000
line 10b from line 8.
$2,000
$3,000
$50.00
plus
4.00% of excess over $2,000
$3,000
$150,000
$90.00
plus
4.75% of excess over $3,000
Line 12.
Multiply the total exemption amount on Form 515,
$150,000
$175,000
$7,072.50
plus
5.00% of excess over $150,000
line 29 by the factor on line 9.
$175,000
$225,000
$8,322.50
plus
5.25% of excess over $175,000
$225,000
$300,000 $10,947.50
plus
5.50% of excess over $225,000
Line 13. Subtract line 12 from line 11. This is your Maryland
$300,000
$15,072.50
plus
5.75% of excess over $300,000
taxable net income.
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Line 14. Enter the tax from line 2 of this form.
EARNED INCOME, POVERTY LEVEL AND OTHER
CREDITS FOR INDIVIDUALS AND BUSINESSES.
Line 15.
Divide the amount on line 13 of this form by the
amount on line 1. Carry this Maryland nonresident factor to six
You may claim a credit on line 34 equal to one-half of the earned
decimal places. If more than 1.000000, enter 1.000000. If 0 or
income credit on your federal return multiplied by the
less, enter 0.000000.
Maryland income factor from line 9 of Form 505NR.
Line 16. Multiply line 14 by line 15 to arrive at your Maryland
EARNED INCOME CREDIT.
tax. Enter this amount on line 16 and on Form 515, line 33.
If you claimed an earned income credit on your federal return,
Line 17. Skip line 17 (used only when filing Form 505) and
then you may claim one-half (50%) of the federal credit
complete Form 515 through line 39 and then return to complete
multiplied by the Maryland income factor from line 9 of Form
line 18 of this form.
505NR. If you filed a joint federal return, but a separate
Line 18.
Find the local tax rate for the Maryland county in
Maryland return, you may claim a combined total of up to one-
which you were employed as of the last day of 2014. Enter the
half the federal credit. Complete Part I of the EARNED INCOME
local rate in the space provided for the rate on Form 515, line
CREDIT WORKSHEET (19A) to calculate the amount to enter on
40, then return to this form. Multiply line 13 by this local tax
line 34 of Form 515.
rate and enter this amount on line 18 and on Form 515, line 40.
This is not a refundable credit.
If line 13 is 0 or less, enter 0 on line 18 and on Form 515 line
POVERTY LEVEL CREDIT.
40.
Return to Form 515 to complete remainder of return.
You may claim a credit on line 35 of 5% of your earned income
multiplied by the Maryland income factor if your income is less
than the poverty income guidelines. You also may be eligible for
a refundable earned income credit. Complete Part II of the
POVERTY LEVEL CREDIT WORKSHEET (19A) to calculate the
Poverty Level Credit.
CREDITS FOR INDIVIDUALS.
a. Credits for Income Taxes Paid to Other States. This
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COM/RAD-023
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