Form Ft 1120 - Corporation Franchise Tax Report - 2011 Page 7

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2011

Corporation name

Franchise tax I.D.#

Tax year

FT 1120

Rev. 10/10

Schedule G – Tax Computation Worksheet

Section 1: Franchise Tax Computation

Net Income Basis

Note: All related Ohio taxpayer corporations that as of Jan. 1 of

ﬁ le a combined report. See R.C. 5733.06(F). Each taxpayer’s Ohio

the report year meet the ownership or control requirements to ﬁ le

taxable income that exceeds the prorated amount is taxable at

as members of a combined report must share one $0 to $50,000

the higher franchise tax and litter tax rates. Related taxpayers

net income basis tax bracket to which the 5.1% rate applies. Such

must prorate the $0 to $50,000 bracket on Ohio form FT OTAS,

related taxpayers must share one $0 to $50,000 tax bracket re-

Ohio Taxpayer Afﬁ liation Schedule. The proration, however made,

gardless of whether those related taxpayer corporations actually

applies to both the franchise tax and the litter tax.

a) First $50,000 of Ohio taxable income (see note above) .......................

x .051 = a.

b) Ohio taxable income greater than $50,000 (see note above) ..............

x .085 = b.

c) Tax on net income basis. (Add lines (a) and (b). Enter here and on Schedule A, line 14.) ........................ c.

Net Worth Basis (The tax on net worth basis is not to exceed $150,000.)

d) Taxable value (from Schedule F, line 7). (Enter product here and on

Schedule A, line 16.) .............................................................................

x .004 = d.

Tax Due

e) Greater of lines (c) or (d), but not less than the minimum fee. (Enter here and on Sched. A, line 17.) ..............e.

________

Section 2: Litter Tax Computation

Tier One Litter Tax (Complete tier one if the amount on line (e) is greater than the minimum fee.)

Net Income Basis

f) First $50,000 of Ohio taxable income (see note above) .......................

x .0011 = f.

g) Ohio taxable income greater than $50,000 (see note above) ..............

x .0022 = g.

h) Add lines (f) and (g) ....................................................................................................................................h.

_______________

Net Worth Basis

i) Taxable value (from Schedule F, line 7) .............................................

x .00014 = i.

________________

Tier One Litter Tax

j) Greater of lines (h) or (i) but not greater than $5,000. If the taxpayer is a member of a combined report,

see Ohio form FT 1120C for limitation. Enter the total on Schedule A, line 18 ............................................ j.

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