Use the following information to answer the below questions related to NYS CT-3 General Business Corporation...
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Use the following information to answer the below questions related to NYS CT-3 General Business Corporation Franchise Tax Return. You may use the attached 2019 NYS CT-3 form as your workpaper. Tax Year: 12/31/2019 Income: 12,808,502.00 5,565,568.00 7,242,934.00 800,000.00 2,507,000.00 400,000.00 12,500.00 $ 1,508,000.00 Total deductions $ 5,227,500.00 Taxable Income $ 2,015,434.00 Additional information: 1) The $12,500 taxes ad licenses includes $1,500 NYS income tax, and $2,000 NYC income tax paid in 2019 for tax year 2018. 2) Total NYS gross receipts were $8,679,930. 3) All offiers' salaries and employees' salaries are NYS sourced wages. 4) The average total net assets were $10,517,141. Questions: 1) What is the NYS business apportionment factor? 2) What is the NYS tax due per CT-3, Page 3, Part 2-Computation of balance due or overpayment, Line 4? 3) Assume taxpayer filed a timely extension for 2019, but no payment paid with extension. Taxpayer paid all tax in October 15, 2020 when the 2019 return is filed. Will there be any interest and penalties? Why? Gross receipts or sales Cost of goods sold Gross profit Compensation of officers Salaries and wages Rents Taxes and licenses Other deductions Deductions: s $ $ SSSSS $ $ $ Use the following information to answer the below questions related to NYS CT-3 General Business Corporation Franchise Tax Return. You may use the attached 2019 NYS CT-3 form as your workpaper. Tax Year: 12/31/2019 Income: 12,808,502.00 5,565,568.00 7,242,934.00 800,000.00 2,507,000.00 400,000.00 12,500.00 $ 1,508,000.00 Total deductions $ 5,227,500.00 Taxable Income $ 2,015,434.00 Additional information: 1) The $12,500 taxes ad licenses includes $1,500 NYS income tax, and $2,000 NYC income tax paid in 2019 for tax year 2018. 2) Total NYS gross receipts were $8,679,930. 3) All offiers' salaries and employees' salaries are NYS sourced wages. 4) The average total net assets were $10,517,141. Questions: 1) What is the NYS business apportionment factor? 2) What is the NYS tax due per CT-3, Page 3, Part 2-Computation of balance due or overpayment, Line 4? 3) Assume taxpayer filed a timely extension for 2019, but no payment paid with extension. Taxpayer paid all tax in October 15, 2020 when the 2019 return is filed. Will there be any interest and penalties? Why? Gross receipts or sales Cost of goods sold Gross profit Compensation of officers Salaries and wages Rents Taxes and licenses Other deductions Deductions: s $ $ SSSSS $ $ $
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1 The NYS business apportionment factor is 08693 The NYS busines... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
Posted Date:
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