Contracting Tax Factoring Worksheet - Arizona Department Of Revenue

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ARIZONA DEPARTMENT OF REVENUE
Contracting Tax Factoring Worksheet
Assumptions:
No land is included in the contract.
No tax amount is specified in the contract.
TAX RATES AND FACTOR
Refer to the TRANSACTION PRIVILEGE AND OTHER TAX
State & County Tax Rate……
RATE TABLES, Table 1. Place in Column G of the TPT-1.
City Tax Rate………………….
Refer to the Transaction Privilege and Other Tax Rate Tables.
Combined RATE……………….
Add the City Rate to the State & County Rate.
Find the factor for the COMBINED RATE ABOVE on the
Combined FACTOR…….…….
TAX FACTORS FOR CONTRACTORS table.
ITEM
SOURCE
AMOUNT
DESTINATION
Gross Amount of Contract
Contract / Invoice /
1.
Front of TPT-1, Column D
or Progress Payment
Cash Receipts
Factor for Combined
Contracting Tax
2.
Tax Rate
Factors Table
Back of TPT-1, Schedule A,
3.
Factored Tax
Line 1 times Line 2
Deduction Code 551
Basis for Prime Contractor
4.
Line 1 minus Line 3
Reduction
Prime Contractor
Back of TPT-1, Schedule A,
5.
Line 4 times 35%
Reduction
Deduction Code 502
6.
Total Deductions
Line 3 plus Line 5
Front of TPT-1, Column E
7.
Taxable Amount
Line 1 minus Line 6
Front of TPT-1, Column F
State & County Tax
8.
State & County Tax
Front of TPT-1, Column H
Rate times Line 7
City Tax Rate times
Front of TPT-1, City line,
9.
City Tax
Line 7
Column H or City return
Proof:
Total Tax should be within
10. Total Tax
Line 8 plus Line 9
pennies of Factored Tax on Line 3
For Assistance call (602) 255-2060 or Toll Free (Arizona Only, outside of Maricopa Only) 1-800-843-7196
KEEP THIS WORKSHEET WITH YOUR RECORDS. PLEASE DO NOT SEND IT WITH YOUR RETURN.
May 2004

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