Schools Net Profit Tax Return Form - Warren County Page 2
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1
2NET PROFIT INSTRUCTIONS
NOTE:
Detailed instructions to assist with the completion of this return can be found on our website at
Who is Subject?
A Corporation filing Form 1120, 1120A, 1120S, or 1120REIT, Partnership filing Federal Form 1065 & 8825, if applicable a
Sole Proprietor filing Federal Form Schedule C, E, F, and/or 1099 MISC and the business or job is located in the Warren County School District
When to File?
Years ending December 31: return must be filed and all taxes paid on or before April 15. For years ending other than
December 31: return must be filed and all taxes paid on or before the fifteenth day of the fourth month following the close of the fiscal year.
NET PROFIT WORKSHEET C: For Business Entities required to file a CORPORATE US Income Tax Return
NET PROFIT WORKSHEET C: For Business Entities required to file a CORPORATE US Income Tax Return
1)
Taxable income or (loss) per Federal Form 1120 or 1120 A or Ordinary Income or (loss) per Federal Form
____________________
1120 S (Attach the Applicable Form 1120, 1120A Pages 1 and 2 or 1120 S Pages 1,2, and 3)
2)
State income Taxes and Occupational License Fees deducted on the Federal Form 1120, 1120A or 1120S
____________________
3)
Net Operating Loss deducted on Form 1120 (does not apply to 1120 S entities)
____________________
4)
Additions from Schedule K of Form 1120S (See Instructions) (Attach Schedule K of Form 1120S and Rental
____________________
Schedules, Form 8825, if applicable) (applies to entities filing 1120 S only)
5)
Total Income (Add Lines 1 through Line 4)
____________________
6)
Subtractions from Schedule K of Form 1120S (See Instructions) (Attach Schedule K of 1120S and Rental
____________________
Schedules, Form 8825, if applicable) ( applies to entities filing 1120 S only)
7)
Alcoholic Beverage Sales Deduction (From Worksheet X, below, Line 5)
____________________
8)
Local/Other Adjustments (See Instructions) (Attach Full Explanation and Schedule)
____________________
9)
Total Adjustments (Add Lines 6 through 8)
____________________
10)
“Adjusted Net Profit” (Subtract Line 9 from Line 5)Enter on Line 1, Section B of Fee Computation on the Net Profit Return
____________________
NET PROFIT WORKSHEET I: For Business Entities required to file an INDIVIDUAL US Income Tax Return
NET PROFIT WORKSHEET I: For Business Entities required to file an INDIVIDUAL US Income Tax Return
1)
Non-employee compensation as reported on Form 1099-Misc Reported as “Other Income” on Federal Form 1040 (Attach Page 1 of Form 1040 and Form 1099) ____________________
2)
Net profit or (loss) per line 31 of the Federal Schedule C of Form 1040 (Attach Schedule C, Pages 1 and 2)
____________________
3)
Gain or loss on sales of business property used in a trade or business from Federal Form 4797 (pgs 1 & 2) or Form 6252 reported on Schedule D of Form 1040 ____________________
4)
Rental income or (loss) per Federal Schedule E of Form 1040 (See Instructions ) (Attach Schedule E)
____________________
5)
Net farm profit or (loss) per Federal Schedule F of Form 1040 (Attach Schedule F, Pages 1 and 2)
____________________
6)
State Income Taxes and Occupational License Fees deducted on the Federal Schedule C,E or F
____________________
7)
Total Income (Add Lines 1 through Line 6)
____________________
8)
Alcoholic Beverage Sales Deduction (Form Worksheet X, below, Line 5)
____________________
9)
Local/Other Adjustments (See Instructions) (Attach Full Explanation and Schedule)
____________________
10)
Total Adjustments ( Add Lines 8 & 9)
____________________
11)
“Adjusted Net Profit” (Subtract Line 10 from Line 7) Enter on Line 1, Section B of Fee Computation on the Net Profit Return
____________________
NET PROFIT WORKSHEET P: For Business Entities required to file a PARTNERSHIP US Income Tax Return
NET PROFIT WORKSHEET P: For Business Entities required to file a PARTNERSHIP US Income Tax Return
1)
Ordinary income or (loss) per Federal Form 1065 (Attach Form 1065, Pages 1,2 and 3, Sch K and Rental Schedules, if applicable)
____________________
2)
State Income Taxes and Occupational License Fees deducted on the Federal Form 1065
____________________
3)
Additions from Schedule K of Form 1065 (See Instructions) (Attach Schedule K of Form 1065 and Rental Schedules, Form 8825, if applicable)
____________________
4)
Total Income (Add Lines 1 through Line 3)
____________________
5)
Subtractions from Schedule K of Form 1065 (See Instructions) (Attach Schedule K of Form 1065 and Rental Schedules, Form 8825, if applicable)
____________________
6)
Alcoholic Beverage Sales Deduction (Form Worksheet X, below, Line 5)
____________________
7)
Local/Other Adjustments (See Instructions) (Attach Full Explanation and Schedule)
____________________
8)
Professional Expenses not reimbursed by the partnership (Attach Schedule of Expenses)
____________________
9)
Total Adjustments (Add Lines 5 through 8)
____________________
10)
“Adjusted Net Profit” (Subtract Line 9 from Line 4) Enter on Line 1, Section B of Fee Computation on the Net Profit Return
____________________
NET PROFIT WORKSHEET X: Alcoholic Beverage Sales Deduction
NET PROFIT WORKSHEET X: Alcoholic Beverage Sales Deduction
DIVIDE
Kentucky Alcoholic Beverage Sales = ____________________________________
1)
Total Sales
NOTE: “Total Sales” is Total Gross Receipts of Business including Non-Alcoholic Beverage Sales
__________________________________
Enter Net of Line 7 of Worksheet I on Page 1 OR
__________________________________
2)
3) Enter Net of Lines 4 ,5,7 and 8 of Worksheet P (whichever applies)
__________________________________
4) Enter Net of Lines 5 and 6 of Worksheet C, (whichever applies)
__________________________________
5) Alcoholic Beverage Sales Deduction (Multiply Line 1 by Line 2,3, or 4)
__$_______________________________
The Warren County Schools do not discriminate on the basis or race, color, national origin, sex, religion, age or disability in the employment or the provision of services.
Any and/or all questions or issues related to discrimination policies, procedures or practices are to be directed to the Office of Superintendent,
Warren County Public Schools, 303 Lovers Lane, Bowling Green, KY 42103. Telephone: 1-270-781-5150, Fax: 1-270-781-2392
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