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BUSINESS TAX MATRIX
Employment, Sales & Use,
Excise, Property, SBT & Income
Federal, State and Lansing
Tax Requirements for 2005
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REQUIREMENT |
FEDERAL |
MICHIGAN |
LOCAL |
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EMPLOYMENT TAXES: |
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FICA Withholding |
6.2% on $90,000 |
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7.65% Total |
1.45% on all earnings |
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FICA Employer Matching |
6.2% on $90,000 |
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(City of Lansing) |
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7.65% Total |
1.45% on all earnings |
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Income Tax (Withheld) |
Rates: 10%, 15%, 25%, 28%, 33%, 35% |
Rate: 3.9% |
Rate: 1% Resident |
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Per Pub.15-T (June 2003) |
Per MI Treasury |
.5% Non-Resident |
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Unemployment Tax |
FUTA 6.2% on $7,000 Limit 5.4% (MI-SUI Cr) = .8% Net |
MI-UA 2.7% New Employer
.3% to Max 13% on $9,000 Limit |
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-Employer Only |
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SALES AND USE TAXES: |
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Sales Tax: |
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6% Retail Sales |
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-Monthly, Quarterly, Annually |
-Sales Tax License |
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Use Tax |
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6% Rentals & Use |
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-Use Tax License |
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FEDERAL EXCISE TAX: |
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Excise Tax |
Various Rates: Fuels, Luxury, Etc. - Qtrly 720 |
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PERSONAL PROPERTY USED IN BUSINESS: |
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Property Tax |
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Personal property used in business. Rates per milage. Annual Return
Required. |
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FEDERAL AND LOCAL INCOME TAXES: |
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Income Tax |
Proprietorship / Sch C (1040) |
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Resident Status |
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L.C.C. / Partnership (1065) |
City 1065 |
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Corporate US (1120) |
City 1120 |
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S-Corporation (1120S) |
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MICHIGAN SINGLE BUSINESS TAXES: |
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Single Business Tax |
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Gross Receipts over $350,000 |
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-Rate 2.1% or |
Add wages and any other deductions to net income |
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Alternate tax at 2.0% |
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MICHIGAN ANNUAL REPORT: |
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Michigan Dept. of Consumer and Industry Affairs |
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Annual Report Due May 15th |
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$15 fee Min. / LLC's $5 |
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