Sd Eform - 1895 V7 - Contractors' Excise Tax Bid Factor Calculator
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1
2Bid Factor Sheet
Contractors’ excise tax is calculated on total gross receipts. Gross
Example 3. The owner is a government entity, accredited
receipts are defined as the total amount received including, but
school, nonprofit hospital, or relief agency. Material is fur-
not limited to, sales tax, contractors’ excise tax, cost of materi-
nished by the owner. No sales tax was paid on material by
als, your labor and profit, owner-furnished material and any other
the exempt entity. The contractor owes use tax on the mate-
expenses. Because the tax is included in your gross receipts, the
rial and will owe excise tax on their receipts plus the owner
department has developed a factor of 2.041% that can be used
furnished material.
to calculate excise tax due when preparing a bid or bill for your
customer. This factor allows you to recover the excise tax you
$1,000.00
Cost of owner furnished materials
will owe.
$60.00
Use tax due on material (4% state + 2%
municipal use tax
Note: The factor 2.041% is used to prepare a bid or bill,
$1,000.00
Labor
however, a straight 2% rate is used when calculating the
$2,060.00
Total amount to calculate excise tax on
excise tax on your return.
x 2.041%
Bid Factor
42.04
Example 1: Prime contractor provides all material and la-
$1,102.04
Amount of Bill or Bid ($1,000 labor
bor. Contractor owes excise tax on their total receipts.
plus $102.04 excise and use tax. This is
theamount of gross receipts on Line 1
$1,060.00
Material (sales tax was
and 5 of the excise tax return.)
paid)
+ 1,000.00
Labor
Excise tax calculation on return for Example 3.
$2,060.00
Total
Gross Receipts (Line 1)
$1,102.04
x
2.041
Bid Factor
Owner Furnished Material (Line 2) +1,000.00
42.04
Excise tax to collect
Total Subject to 2% Contractors’
$2,102.04
Amount of Bill or Bid
Excise Tax ( Line 5)
2,102.04
2% Contractors Excise Tax
x
$0.02
Excise tax calculation on return for Example 1.
Excise Tax Due (Line 5 x 2%)
$42.04
Gross Receipts (Line 1 and 5)
$2102.04
2% Contractors’ Excise Tax
x
.02
Use Taxable (Line 6)
1,000.00
Excise Tax Due (Line 5 x 2%)
$42.04
4% State Use Tax Due
$40.00
2% City Use Tax Due
$20.00
Example 2: The owner furnishes material. The contractor
provides the labor. Contractor owes excise tax on their
Total Tax Due
$102.40
receipts plus the cost of the owner furnished material.
$1,060.00
Cost of owner furnished materials (sales
tax was paid
+ $1,000.00 Labor
$2,060.00
Total amount to calculate excise tax on
x 2.041%
Bid Factor
42.04
Excise tax to collect
$1,042.04
Amount of Bill or Bid ($1,000 labor +
$42.04 tax)
Excise tax calculation on return for Example 2.
Gross Receipts (Line 1)
$1,042.04
Owner Furnished Material (Line 2) +1,060.00
Total Subject to 2% Contractors’
Excise Tax ( Line 5)
2,102.04
2% Contractors Excise Tax
x
$0.02
Excise Tax Due (Line 5 x 2%)
$42.04
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