Instructions For Form K120s Example - Kansas Partnership Or S Corporation Income Tax Return Page 2
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2Example for Individuals to figure lines 16 through 21 of K34 Credit
Sole proprietor, partner or shareholder percentage
Owned or per share basis:
35%
Allocated qualified business income:
$ 46,183.00
K-34 line 16
Times Percentage owned:
35%
Your share of qualified business facility income:
$ 16,164.05
The following two lines calculate your tax rate for the qualifying business income:
Your total Kansas tax liability:
$
2, 277.00
(line 8 or 12 which ever is applicable from K-40)
Divided by your taxable income:
$ 49,647.00
(line 7 from the K-40)
Effective tax rate:
4.5864%
Your share of qualified business facility income:
$ 16,164.05
Times effective tax rate:
4.5864%
Tax on qualified facility income:
$
741.00
50% of tax:
$
370.00
Total qualified employees and investment credit:
$
7,000.00
K-34 line 13
Times your percentage owned:
35%
Your share of credit:
$
2,450.00
Credit allowable:
$
370.00
K-34 line 21
(50% of tax or your share of credit, whichever is less
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