Instructions For Preparing Business Income Tax Return Form - City Of Springboro - 2016 Page 2
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2INSTRUCTIONS FOR PREPARING 2016 CITY OF SPRINGBORO BUSINESS INCOME TAX RETURN
PART A – TAX CALCULATION
PAGE 2, SCHEDULE X
Please complete Page 2 Schedule X & Y before proceeding
Line 1: Enter federal taxable income as indicated.
to this section.
Line 2: Enter the sum of items not deductible from Line 6.
Line 1: Enter adjusted taxable income from Page 2,
Schedule X, Line 5.
Line 3: Enter the sum of items not taxable from Line 7.
Line 2: Enter apportionment percentage from Page 2,
Line 4: Line 2 less Line 3.
Schedule Y, Step 5.
Line 5: Line 1 plus or minus Line 4.
Line 3: Multiply Line 1 x Line 2.
Line 6: Enter the non-deductible items for which you have claimed a
Line 4: Enter Loss from prior year(s).
deduction on your federal return.
Line 5: Subtract Line 3 from line 4.
Line 7: Enter the non-taxable items which were taxed on your
federal return. Please note that royalty income derived from
Line 6: Multiply Line 5 x 1.50% (0.015).
interests in land the rents/royalties derived therefrom does not
qualify as intangible income. Other non-taxable items are only
Line 7a: Enter the amount of estimated taxes paid for tax
permitted in accordance with Ohio Revised Code Section 718. Do not
year 2016, including any amount paid with your extension.
include any adjustments for federal credits (Work Opportunity credit,
etc.)
Line 7b: Enter the amount of a prior year’s carryover credit.
PAGE 2, SCHEDULE Y
Line 8: Add Lines 7a and 7b.
Complete Schedule Y for all existing factors. Column A relates to
total property, wages and gross receipts, per your federal return.
Line 9: Line 6 less Line 8. If the tax shown due or
Column B should be completed for property situated, compensation
overpayment claimed is $10.01 or less, enter -0- .
paid to W-2 employees for services performed, and gross receipts
from sales made or services performed in the City of Springboro
Line 10: If line 8 is greater than line 6 this indicates an
overpayment, complete Lines 11 and 12 as to amount to be
STEP 1: List the average original cost of real and tangible personal
refunded or carried over to the next tax year.
property owned by the taxpayer. Add rents deducted on your federal
return x 8.
PART B – 2017 DECLARATION OF ESTIMATED TAX
Line 13: If you anticipate your 2017 tax liability to be
STEP 2: List the wages, salaries and other compensation paid to W-2
$200.00 or more, you are required to complete Lines 13-17.
employees for services performed. Do not include compensation
Enter your estimated 2017 income. Please see the
from which taxes were not required to be withheld under Ohio
instructions and safe harbor provisions on our website for
Revised Code Section 718.011.
Form Q-2, Declaration of Estimated Business Tax.
STEP 3: List the gross receipts from sales made or services
Line 14: Multiply line 13 by 1.5% (.015).
performed.
Line 15: Enter the amount of your prior year carryover
OTHER INFORMATION
credit from Line 12.
Schedule Z: If services are provided by leased employees, attach a
Line 16: Line 14 less Line 15.
statement to your return listing the name, address and federal
identification number of the leasing company.
Line 17: The taxpayer’s estimated liability is to be paid in 4
equal installments. Multiply Line 16 x 25% (0.25).
Line 18: Add Lines 9 and 17. Checks should be made
payable to the City of Springboro.
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