top of page

Tax Season with Jade

"Know your worth & then add tax "

Individual Income Tax 

Individual income tax is also referred to as personal income tax. This type of income tax is levied on an individual’s wages, salaries, and other types of income. This tax is usually a tax that the state imposes. Because of exemptions, deductions, and credits, most individuals do not pay taxes on all of their income.

 

 

Business Taxes

Businesses also pay income taxes on their earnings; the IRS taxes income from corporations, partnerships, self-employed contractors, and small businesses.10Depending on the business structure, the corporation, its owners, or shareholders report their business income and then deduct their operating and capital expenses. Generally, the difference between their business income and their operating and capital expenses is considered their taxable business income.

International Fuel Tax Agreement (IFTA)

Under this program, a truck is IFTA registered and obtains a fuel tax permit from one state. When the vehicle drives through any participating state or province, the tax on fuel purchased there is credited to the permit owner’s account. At the end of the quarter a fuel tax report is completed that shows miles traveled and gallons of fuel for each region.

IFTA assists in calculating the amount of tax due or tax credit for each state, to determine the tax liability for each and to oversee the distribution of funds accordingly.

For filing IFTA claims, at the end of the fiscal quarter the licensee produces a fuel tax report listing miles traveled in all participating jurisdictions and gallons of fuel purchased there. Supporting documents include the vehicle mileage record, distance records, fuel records and tax-paid retail fuel purchase receipts. All relevant data such as gap miles and fuel receipts must be included when reporting IFTA claims.

Payroll Taxes

A payroll tax includes the taxes employees and employers pay on wages, tips, and salaries. For employees, taxes are withheld from their paychecks and paid to the government by the employer. These taxes include federal, state, and local income taxes, and the employee's share of Social Security and Medicare taxes (FICA). Taxes that employers must pay include their share of FICA as well as federal and state unemployment taxes.

Quarterly Sales Taxes 

Depending on the volume of sales taxes you collect and the status of your sales tax account with Florida, you may be required to file sales tax returns on a monthly, semi-monthly, quarterly, semi-annual, or annual basis.  Each sale, admission, storage, or rental in Florida is taxable, unless the transaction is exempt. Sales tax is added to the price of taxable goods or services and collected from the purchaser at the time of sale.

Florida's general state sales tax rate is 6% with the following exceptions:

  • Retail sales of new mobile homes - 3%

  • Amusement machine receipts - 4%

  • Rental, lease, or license of commercial real property - 4.5%

  • Electricity - 6%

 

bottom of page