Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics > Personal Finance
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 01-09-2015, 04:20 PM
 
Location: Portal to the Pacific
8,736 posts, read 8,641,742 times
Reputation: 13007

Advertisements

I feel like the most incompetent adult on the planet right now. Help me resolve this.

I'm filling out my city B&O taxes (the business forum on C-D sucks which is why I'm posting here BTW). I actually don't owe anything because my gross receipts < $5,000... but I still need to fill out the form and turn it in.

For my gross income category I am putting $2xxx, because that's how much cash I received.

The next category is deductions and I'm not putting anything down (deductions are for stuff unrelated to my business).

The following category is "taxable amount"... what the heck is this?

These three categories are followed by the tax rate and then the last category is where I would define how much tax I owed if I owed it. Since I made less than $5k I don't have to worry about it....

I just need to know if I'm supposed to put something down for "taxable amount" and what that number would be.
Reply With Quote Quick reply to this message

 
Old 01-09-2015, 04:24 PM
 
2,294 posts, read 2,773,861 times
Reputation: 3852
Quote:
Originally Posted by flyingsaucermom View Post
I feel like the most incompetent adult on the planet right now. Help me resolve this.

I'm filling out my city B&O taxes (the business forum on C-D sucks which is why I'm posting here BTW). I actually don't owe anything because my gross receipts < $5,000... but I still need to fill out the form and turn it in.

For my gross income category I am putting $2xxx, because that's how much cash I received.

The next category is deductions and I'm not putting anything down (deductions are for stuff unrelated to my business).

The following category is "taxable amount"... what the heck is this?

These three categories are followed by the tax rate and then the last category is where I would define how much tax I owed if I owed it. Since I made less than $5k I don't have to worry about it....

I just need to know if I'm supposed to put something down for "taxable amount" and what that number would be.
Not knowing the exact form, I think it would be a reasonable assumption that your "taxable amount" is simply the "Gross Amount" less any deductions. Basically Line 1 - Line 2 = Line 3. Should be the same as the taxable amount since you have no deductions.
Reply With Quote Quick reply to this message
 
Old 01-09-2015, 04:26 PM
 
11,768 posts, read 10,239,242 times
Reputation: 3444
Quote:
Originally Posted by flyingsaucermom View Post
I feel like the most incompetent adult on the planet right now. Help me resolve this.

I'm filling out my city B&O taxes (the business forum on C-D sucks which is why I'm posting here BTW). I actually don't owe anything because my gross receipts < $5,000... but I still need to fill out the form and turn it in.

For my gross income category I am putting $2xxx, because that's how much cash I received.

The next category is deductions and I'm not putting anything down (deductions are for stuff unrelated to my business).

The following category is "taxable amount"... what the heck is this?

These three categories are followed by the tax rate and then the last category is where I would define how much tax I owed if I owed it. Since I made less than $5k I don't have to worry about it....

I just need to know if I'm supposed to put something down for "taxable amount" and what that number would be.
Normally the taxable amount is how much of your income is taxable. Gross - deductions = taxable. Since you have no deductions the taxable = gross.

Like so:

$2K
-$0
-----
$2K * tax rate
Reply With Quote Quick reply to this message
 
Old 01-09-2015, 04:27 PM
 
Location: Portal to the Pacific
8,736 posts, read 8,641,742 times
Reputation: 13007
Quote:
Originally Posted by Jeo123 View Post
Not knowing the exact form, I think it would be a reasonable assumption that your "taxable amount" is simply the "Gross Amount" less any deductions. Basically Line 1 - Line 2 = Line 3. Should be the same as the taxable amount since you have no deductions.
That is my understanding too and I'm going to just go with it and put this puppy in the mailbox right now.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics > Personal Finance

All times are GMT -6. The time now is 04:52 PM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top