Partnership/ calculating earned Income

[Chippy]

Is there a calculator/spreadsheet available that I can use to calculate the self employment tax and employer contribution for a partnership? I tried the IRS website and couldn't find anything, also tried searching online and came up with nothing. Thought maybe someone on here would know where to find one. thanks.

[Tom Poje]

I'm not quite sure how that calc would be different from a spreadsheet that simply calculates a sole proprietor - and if you had a 60-40 ownership you would simply use 60% on one and 40% of gross profits on the other.

buried on my computer is a file date from 2007

where it cane from I have no idea

looks like it might do what you want

though no instructions, but what the heck would you need those for anyway.

this one looks like it would be used if you had w-2 comp in addition to gross profit to split.

Net_Earned_Income_Determination_version_with_Partner_W2.xls

[Mike Preston]

I'm pretty sure you got it from me, Tom. The only "instruction" is that it is supposed to be a manually iterative calculation with a keyboard shortcut of Ctrl+Shift+I (which runs the macro named "Iterate"). All the macro does is copy the row 35 "results" over the row 9 "inputs" (you are supposed to do that over and over until there are no differences between rows 9 and 35). With that said, I haven't looked at the thing in years so I do not claim that the formula for the FICA adjustment in row 24 is accurate for all years (it may have been programmed for a specific year). When I sent it to you, Tom, it would have been sent with an email with instructions.

I don't think the spreadsheet helps the OP with his question, but since I don't completely understand what it is that the OP is after, I could be wrong.

[Chippy]

I have a spreadsheet that I use to calculate the earned income and contribution for the partners. I was looking for a back up since my spreadsheet is older and I wasn't sure if it is still accurate.

[Mike Preston]

Well, go ahead and take a look at the spreadsheet that Tom posted. Make note of the fact that the spreadsheet is designed for no more than 6 partners and for no more than 10 non-partners. Also, the spreadsheet makes the assumption that the FICA adjustment is based solely on the reported income subject to self-employment. That is, there are no complications such as: 1) one or more partners show a loss; 2) any partner has any unreimbursed partnership expenses; 3) any oil and gas depletion; 4) the 1040 SE is being completed using one of the alternative methods; 5) other things that I might have excluded from this list. If I were re-doing the spreadsheet today I'd include a self-employment over-ride to ensure I could just run with what the accountant prepares. Also note that the spreadsheet is not based on new comp allocations and would need to be modified to take that into account. Good luck.