Miami Gardens Florida Form 8282 2021-2025

Miami Gardens Florida Form 8282: What You Should Know

This booklet summarizes the Texas franchise tax law and rules and includes information that is most useful to franchisees regarding their obligations and duties to pay the franchise tax. Texas Franchise Tax Laws (Tex. Tax Code Ann. § 7.001 et seq.) 1. Tax Year. The applicable tax year for the tax imposed under these laws is the calendar year. For Texas franchise tax years from 2025 through 2022, the taxable period is the calendar year beginning January 1 in any calendar year and ending September 30 of the same calendar year. For Texas franchise tax years from 2025 through 2031, the taxable period is the calendar year beginning June 1 in any calendar year and ending December 31 of the same calendar year. 2. Definition of Franchise Tax Year. The taxable year under the Texas franchise tax laws is the calendar year. 3. Taxable Period. The taxable period of each tax year is the calendar year. Texas Franchise Tax Rates. 1. Annual Business Tax. A business may impose a duty of at least 15% on gross receipts not exempt from federal income taxes during the taxable period. The rate is 15% of gross receipts less 25,000.00 of the first 25,000.00 of gross receipts. A dollar's worth of taxable earnings is subject to 15% of the first 25,000.00 of taxable earnings and is not subject to more than a 60% excise tax for any subsequent 25,000.00 of gross receipts. For example, a restaurant may impose a duty of at least 15% of its gross receipts on gross receipts of 250,000.00. 2. Quarterly Business Tax. A business may impose a duty of at least 10% on gross receipts not taxable under the applicable tax provision during the quarterly period. The rate is 10% of gross receipts less 25,000.00 of the first 25,000.00 of gross receipts. A dollar's worth of taxable earnings is subject to 10% of the first 25,000.00 of taxable earnings and is not subject to more than a 60% excise tax for any subsequent 25,000.00 of gross receipts. For example, a restaurant may impose a duty of at least 10% of its gross receipts on gross receipts of 250,000.00. 3. Quarterly Business Tax Exemption. A business may impose a minimum rate on net profits over 6,000,000 to determine a quarterly business tax exemption for the next calendar quarter. 4.

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