Compensation Texas Tax Code Rule 3.589

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1 Cmpensatin Texas Tax Cde Rule Presented by: Franchise Tax Plicy Staff Organizer: Janet Spies Panelists: Teresa Bstick, Claire Jamal, Jerry Oxfrd, Jennifer Specchi, and Bill Yrk

2 Margin Cmpensatin is cmputed in ne f three ways: Ttal Revenue x 70% Ttal Revenue minus COGS Ttal Revenue minus Cmpensatin Nte: an electin t use Cmpensatin must be made by the due date f the reprt and nce elected cannt be amended t use COGS. 2

3 Includes: Cmpensatin Wages and Cash cmpensatin paid t emplyees, partners, wners, fficers Emplyee Benefits 3

4 Exclusins Cmpensatin Wages and Cash cmpensatin paid t undcumented wrkers Emplyer s share f payrll taxes Cntract wages reprted n Frm

5 Cmpensatin includes: Cmpensatin Wages and Cash the amunt entered in the Medicare wages and tips bx f Internal Revenue Service Frm W-2 the amunt f net distributive incme, regardless f whether cash r prperty is actually distributed, reprtable t partners r wners during the accunting perid stck awards and stck ptins deducted fr federal incme tax purpses 5

6 Cmpensatin Net Distributive Incme is the net amunt f incme, gain, deductin r lss relating t a pass-thrugh entity r disregarded entity reprtable t the wners (natural persns) fr the tax year f the entity. T cmpute Net Distributive Incme: Frm an S Crpratin: 1120S Schedule K-1 add amunts n lines 1, 2, 3, 4, 5a, 6, 7, 8a, 9, and 10. Frm the result, subtract the sum f the amunts n lines 11, 12, and 14 (Cde L Freign Taxes nly). Frm a Partnership: 1065, Schedule K-1 add amunts n lines 1, 2, 3, 4, 5, 6a, 7, 8, 9a, 10, and 11. Frm the result, subtract the sum f the amunts n lines 12, 13, and 16 (Cde L Freign Taxes nly). 6

7 Cmpensatin Wages & Cash Cmpensatin Limitatins A taxable entity cannt subtract mre than $300,000, per 12 mnth perid n which margin is based, fr any ne fficer, directr, wner, partner r emplyee If a persn is paid by mre than ne member f a cmbined grup, the grup is limited t $300,000 per persn 7

8 Cmpensatin Benefits - are allwed t the extent deductible fr federal incme tax purpses, and include: wrkers cmpensatin, health care, emplyer cntributins t health savings accunts retirement 8

9 Cmpensatin Benefits - des nt include: amunts included in the definitin f wages and cash cmpensatin discunts n merchandise, services, etc. payrll taxes wrking cnditin amunts prvided s emplyees can perfrm theirs jbs any amunts paid by the emplyee 9

10 Cmpensatin Staff Leasing Cmpanies (includes temprary emplyment cmpanies) may nt subtract the fllwing amunts as they relate t assigned emplyees: Wages and Cash cmpensatin Payrll taxes Emplyee benefits 10

11 Cmpensatin Client Cmpanies (in staff leasing cntract) may subtract the fllwing amunts as they relate t assigned emplyees: Wages and Cash cmpensatin Emplyee benefits Nte: The client cmpany may nt subtract, as part f cmpensatin, an administrative fee r ther csts. 11

12 Cmpensatin Management Cmpany is: an entity that that cnducts all r part f the active trade r business f anther entity (the managed entity) in exchange fr a fee and reimbursement f csts. 12

13 Cmpensatin Management Cmpany cannt subtract any cmpensatin amunts reimbursed by a managed entity Managed Entity may subtract wages and cash cmpensatin that are reimbursed t the management cmpany 13

14 Cmpensatin Small Emplyers (as defined in Insurance Cde, ) That has nt prvided health care benefits t any f its emplyees in the calendar year preceding the beginning date f its reprting perid. May include as cmpensatin: An additinal 50% f health care benefits during the first year. An additinal 25% f health care benefits during the secnd year. 14

15 Cntact Us Susan Cmbs Texas Cmptrller Pst Office Bx 13528, Austin, Texas Cmptrller s Website: Call tll free: (800) Tax Questins:

INCOME TAX INSURANCE PERSONAL SICKNESS AND ACCIDENT INSURANCE TAKEN OUT BY EMPLOYEE WITH EMPLOYER PAYING THE PREMIUMS ON EMPLOYEE S BEHALF

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