House Bill 3 Franchise Tax Calculator
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File Size: 87.51 KB
Category: Business & Franchise
Source: www.window.state.tx.us, Author: Steve Mittel
Page: 2 pages
NEW FRANCHISE TAX CALCULATION. The worksheet below calculates taxable margin on a separate entity basis. The worksheet will calculate
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Content Inside:
Welcome to the Comptroller’s online tax calculator.
RESET CALCULATION
ANNUALIZED Significant changes were made to the The worksheet will calculate The worksheet below calculates taxable margin on a separate entity basis.Texas franchise tax during the REVENUE an amount of tax due based upon the amounts that arethe 80th Regular Session of the Texas Legislature. 79th Third Called Session and entered.
HOWEVER, if your annualized total revenue is less than or equal to $300,000, or your tax due is less (see instructions on back.) than $1,000, you will owe no tax. All taxable entities must file a report,most legal is due. Changes include the imposition of the tax on even if no tax entities, a revised tax base, and a
different tax rate. In addition, there are tax discounts for businesses with less than $900,000 in If your annualized total revenue is $10 million or less, you are eligible to use the E-Z computation for Number of days in report period calculating your tax. See the line 11 instructions for additional information. tax is based, and an E-Z filing option for total revenue, per 12-month period on which the businesses TAXABLE ENTITIES THAT ARE in total revenue, per 12-month period on which the tax is SPECIAL NOTE TO with $10 million or less PART OF AN AFFILIATED GROUP: Each taxable Total revenue for report period entity that is part of an changes generally apply to all reports originally report on or after January 1, 2008. based. These affiliated group engaged in a unitary business shall file a combined due in lieu of individual reports. All members of a combined group must use the same method to compute margin (i.e. cost of goods sold, compensation or 70%). See instructions for additional information. However, Annualized amount This calculator is a tool use the worksheet below to provide franchise the liability each member of a combined group mayto estimate your potential an estimate oftax individual using the margin member’s portion of the combined group’s tax liability before eliminations. calculation as provided in HB 3 and HB 3928. Your actual tax liability may differ from this
STEP 1. MARGIN
THIS IS NOT A TAX REPORT - DO NOT FILE THIS DOCUMENT
NEW FRANCHISE TAX CALCULATION
365
estimate because of special provisions in the legislation. See instructions below calculator.
TAX HELP
If REVENUE ...................................................................................................................................................... _______________________ 1a. TOTAL you have specific questions about the revised franchise tax, you can contact us at tax.help@cpa.state.tx.us. ____________________________ 1b. COST OF GOODS SOLD - Unless otherwise provided in HB3, taxable entities that provide only services will not have a cost of goods sold and must use the compensation deduction or 70% below. ...............................
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1c. COGS MARGIN - Line 1a minus line 1b. .................................................................................................................. CLICK HERE TO CONTINUE
TAX HELP
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2a. TOTAL REVENUE ...................................................................................................................................................... 2b. WAGES AND CASH COMPENSATION - W2 Medicare wages and tips plus stock awards and stock options deducted for federal income tax (may not exceed $300,000 for any single employee). ..................
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2c. EMPLOYEE BENEFITS - Employer’s Cost of retirement contributions, employee health insurance and worker’s compensation. .........................................................................................
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2d. COMP MARGIN - Line 2a minus (lines 2b and 2c). ..................................................................................................
TAX HELP
3a. TOTAL REVENUE ......................................................................................................................................................
3b. % MARGIN - Equals 70% of line 3a. .........................................................................................................................
4. MARGIN - Enter the least of lines 1c, 2d or 3b. ........................................................................................................
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STEP 2. APPORTIONMENT
Texas Gross Receipts - Portion of Everywhere Gross Receipts that can be sourced to Texas. Click here TAX HELP for additional information. 5. TEXAS GROSS RECEIPTS ......................................................................................................................................
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TAX HELP Everywhere Gross Receipts - Includes all receipts 6. EVERYWHERE GROSS RECEIPTS ........................................................................................................................ from sales of property, rental of property, services performed, royalties, dividends, interest and all other business. Click here for additional information. 7. APPORTIONMENT FACTOR - Line 5 divided by line 6. ..........................................................................................
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STEP 3. TAXABLE MARGIN
8. TAXABLE MARGIN - Line 4 multiplied by line 7. .....................................................................................................
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STEP 4. TAX DUE
9. TAX DUE BEFORE DISCOUNT OR CREDITS - Multiply line 8 by 0.5% for wholesalers and retailers or
1% for other taxable entities. ...................
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10. CREDITS ....................................................................................................................................................................
11. E-Z COMPUTATION (if eligible) - Line 3a times line 7 times 0.00575 .....................................................................
TAX HELP DISCOUNT (if eligible) - A taxable entity is 12. DISCOUNT (if eligible) ............................................................................................................................................... entitled to a discount of the tax imposed if 13. NET TAX DUE - Line 9 minus (lines 10 and 12) OR line 11 minus line 12. less than $900,000. Click Total Revenue is here for additional information. (If less than $1,000, you owe no tax. Cannot be less than zero.) ............................................................................
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