Instructions For Rct-143 Return Page 3
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5RCT-143-I
Page 3
Instructions for completing RCT-143
Page 2—Calculation of Net Income Tax
Line 1—Income from financial statements
Enter the income from the income statement on the report of condition or financial statements.
Line 2—Interest from U.S. Obligations
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Enter the interest from U.S. obligations reported on the income statement on the report of condition or financial statements.
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A schedule identifying names and interest amounts from U.S. obligations must accompany the report.
Line 3—Interest from PA Obligations
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Enter the Interest from PA Obligations reported on the income statement of the report of condition or financial statements.
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A schedule identifying names and interest amounts from PA obligations must accompany the report.
Line 4—Total Deductions
Enter the total of Lines 2 and 3.
Line 5—Line 1 minus Line 4
Subtract Line 4, Total Deductions, from Line 1, Income from financial statements.
Line 6—Interest Expense Allocable to Tax-Exempt Income
Enter the interest income allocable to tax-exempt income from Line 7 of Schedule A of RCT-143 (see instructions for
Schedule A).
Line 7 –Employment Incentive Payment Credit
Enter the amount of Employment Incentive Payment Credit earned in this year.
Line 8 –Total Additions
Enter the total of Lines 6 and 7
Line 9—Income to be Apportioned
Enter the total of Lines 5 and Line 8.
Line 10—Apportionment
Enter the apportionment factor from Line 5 of Table 4 on the Apportionment Schedule. If the activity of the entity is entirely
inside Pennsylvania enter 1.000000.
Line 11—Income Apportioned to PA
Multiply Line 9 by Line 10.
Line 12—Net Loss Deduction (Complete Schedule B)
Enter the lesser of net loss available to be used in this period or the amount on Line 11.
Line 13—Taxable Income
Subtract Line 12 from Line 11. This is your taxable income.
Line 14—Tax
Multiply Line 13 by 0.115. This is your tax for the period. Enter the amount on Line 14 of this page on Page 1, Column A on
the line for the appropriate tax type.
Page 3, Schedule A—Interest Expense Allocable to Tax Exempt Income
Line 1—Interest from U.S. Obligations
Enter total interest income from U.S. Obligations reported on Page 2.
Line 2—Interest from PA Obligations
Enter total interest income from PA Obligations reported on Page 2.
Line 3—Total Tax-Exempt Income
Enter the total of Line 1 plus Line 2.
Line 4—Total Interest Income for Year
Enter the total interest income included in total income reported on Page 2, Line 1.
Line 5—Line 3 Divided by Line 4
Divide Line 3 by Line 4. This is the percentage of interest expense allocated to tax exempt income.
Line 6—Total Interest Expense
Enter the total interest expense for the year.
Line 7—Interest Expense Allocable to Tax-Exempt Income
Multiply Line 5 by Line 6. Enter the result here and on Page 2, Line 6.
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