Corporate Tax Form 1120 2013

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Corporate Tax Form 1120 2013 Powered By Docstoc
					                   Form 1120VE                         V.E. Corporation Income Tax Return                               2012
                      For the calendar year 2012 or the tax year beginning __________, 2012, ending __________ , 20__
Company name                                                                          Employer identification number

Number, street and room no.                                                           Date incorporated
City, state and ZIP code                                                              Total assets
   1a. Gross receipts or sales                                                                    1a.
   1b. Returns or allowances                                                                      1b.
   1c. Net receipts or sales                                                                      1c.
   2. Cost of goods sold (Schedule A, line 7)                                                     2.
Income




   3. Gross profit. Subtract line 2 from line 1c.                                                 3.
   4. Dividends                                                                                   4.
   5. Interest                                                                                    5.
   6. Capital gain net income (attach Schedule D (Form 1120))                                     6.
   7. Other income                                                                                7.
   8. Total income                                                                                8.
   9. Compensation of officers                                                                    9.
   10. Salaries and wages                                                                         10.
   11. Repairs and maintenance                                                                    11.
   12. Bad debts                                                                                  12.
   13. Rents                                                                                      13.
Deductions




   14. Payroll taxes                                                                              14.
   15. Interest                                                                                   15.
   16. Advertising                                                                                16.
   17. Pension, profit sharing, 401(k) plans, etc.                                                17.
   18. Depreciation                                                                               18.
   19. Other deductions (attach schedule)                                                         19.
   20. Total deductions. Add lines 9 through 19.                                                  20.
   21. Taxable income before net operating loss deduction. (Subtract line 20 from line 8)         21.
   22. Less: Net operating loss deductions                                                        22.
   23. Taxable income. Subtract line 22 from line 21.                                             23.
   24. Tax. (Refer to tax table in instructions)                                                  24.
Tax and payments




   25. Payments                a. 2010 payment credited to 2011
                               b. 2011 estimated tax payments
                               c. Other credits
                               d. Sum of a, b and c.                                              25d.
   26. Estimated tax penalty                                                                      26.
   27.Tax due. If line 25d is smaller than line 24, enter amount owed.                            27.
   28. Overpayment. If line 25d is greater than line 24, enter amount of overpayment.             28.
   29a. Enter the amount of line 28 you want credited to 2012 estimated tax                       29a.
   29b. Enter the amount of line 28 you want refunded.                                            29b.
Under penalties of perjury, I declare that I have examined this return and the accompanying schedules, and to the best of
my knowledge and belief, it is true, correct and complete.

Signature of officer                                                      Date                            Title
Paid                       Preparer's signature                                                           Date
Preparer's                 Firm name (or yours if self-employed)
Use Only                   Address
                     SCHEDULE A
                 COST OF GOODS SOLD

1 Inventory at the beginning of the year
2 Purchases
3 Cost of direct labor (manufacturing firms)
4 Other costs (of production)
5 Total. (Add lines 1 through 4)
6 Inventory at the end of the year
  Cost of goods sold. Subtract line 6 from
  line 5. Enter here and on line 2 of form
7 1120VE
                   SCHEDULE B
             COMPENSATION OF OFFICERS


    Name of Officer       Title         Compensation
1
2
3
4
5
6
                                                     SCHEDULE D
                                               CAPITAL GAINS AND LOSSES

     LONG AND SHORT TERM CAPITAL GAINS AND LOSSES
                                                                (b) Date                                              (f) Gain or loss
     (a) Description of property (example: 100 shares of XYZ   acquired     (c) Date sold   (d) Sales   (e) Cost or     Subtract (e)
     Co.)                                                      (xx/xx/xx)     (xx/xx/xx)      price     other basis       from (d)
  1
  2
  3
  4
  5
  6
  7
  8
  9
 10
 11 Net short and long term capital gain or (loss). Combine column (f) of lines 1 through 10. If line
    11column (f) is greater than zero, enter on line 6 of form 1120 VE.
    If line 11 column (f) is less than zero, enter the amount as a negative number on line 6 of
    1120 VE. Do not include any loss greater than 3,000. If loss is greater than 3,000, complete
    line 12 below to determine Capital Loss Carryover.
 12 If line 11 column (f) is less than zero, enter the amount as a positive number here.
 13 Subtract 3,000 from line 12 column (f) amount. This is the amount of your Capital Loss
    Carryover.

Use a separate sheet to list additional gains and losses. Enter the total of the separate sheet on line 10 with
notation to refer to separate sheet.
                            VIRTUAL ENTERPRISES, INTERNATIONAL
               LINE BY LINE INSTRUCTIONS FOR CORPORATE TAX RETURN 1120 VE

LINE #                                              DIRECTIONS
  1a. Enter the amount of all sales before any deductions.
  1b. Enter the total amount of goods that were returned for any reasons. If there are none, leave the
       space blank.
  1c. Subtract line 1b. From line 1a.
   2   Copy the Cost of Goods Sold from Schedule A line 7.
   3   Line 1c. less line 2.
   4   Total amount of dividends received. If there were none, leave the line blank.
   5   Total amount of interst received. If there was none, leave the line blank.
   6   Net amount of capital transactions - be sure to attach either Schedule D or a schedule showing the
       calculation. If there are none, leave the space blank.
   7   Attach a schedule showing any other income the firm has received. If none, leave blank.
   8   Total of lines 3 through 7.
   9   Enter the total from Schedule B. If there are none, leave blank.
  10 Total amount of wages and salaries. DO NOT INCLUDE ANY AMOUNT THAT WAS INCLUDED
       ON LINE 9.
  11 Total amount of repairs and maintenance; if none, leave blank.
  12 Include only the amounts of previously recorded sales that have become uncollectible.
  13 Include all rent expense paid in the current fiscal year.
  14 Total amount of payroll taxes that were paid. Do not include the amount deducted from employees
       salaries. If there were none, leave blank.
  15 Total amount of interest charged to the company.
  16 Include all advertising expense recorded in the current fiscal year.
  17 Total amount of pension, 401(k) or profit sharing that the firm contributed. If none, leave blank.
  18 Depreciation expense. All depreciation is calculated straight line, over 5 years. Assume zero
       residual value.
  19 If there are any other expenses, not listed above, list them on a separate schedule and write the
       total amount here.
  20 Total of lines 9 through 19.
  21 Subtract line 20 from line 8. If there is a profit, continue to line 22. If there is a loss, do not go any
       further. There is no tax due. Sign and date the return.
  22 If there was a loss in prior years, you are permitted to deduct the cumulative net of these losses
       from this year's profit before computing the tax due. If the cumulative amount of the losses from
       prior years is less than or equal to the amount of the current year profit, write the full amount of the
       cumulative loss here. If the total of the cumulative losses from prior years is greater than the
       current year profit, write only the amount of the loss that will result in zero taxable income on line
       21. Make a schedule of the balance leftover to be used next year.
  23 Subtract line 22 from line 21. If the result is zero, place a zero here and on line 24.
  24 Refer to the tax table to determine the tax due. Enter the amount here and pay this amount to the
       VEC Tax Account, US Network Bank # 100026702. Indicate in the memo box "Corporate Income
       Tax, 2011".
           Where to file? After completing this form, submit electronically at the VE Web site.
                                          (www.veinternational.org)

                               VIRTUAL ENTERPRISES, INTERNATIONAL
    LINE BY LINE INSTRUCTIONS FOR SCHEDULES TO CORPORATE TAX RETURN 1120 VE

                                    Tax Rate Schedule
                     If taxable income on line 23 of Form 1120VE is:
                                                                          Of the
                             But not                                      amount
     Over --                 over --                 Tax is:              over --
               0                  50,000                  15%                       0
          50,000                  75,000             $7,500 + 25%              50,000
          75,000                100,000              $13750 + 34%              75,000
         100,000                335,000              $22,250 + 39%            100,000
         335,000             10,000,000              $113,900 + 34%           335,000
      10,000,000             …………..                  $3,400,000 + 35%      10,000,000

                                            SCHEDULE A

                                       COST OF GOODS SOLD
                  This form is required for all firms that maintain merchandise inventory.
1    Enter the amount of merchandise inventory on hand at the end of last year. This is the amount that
2    Total of all merchandise that was purchased for resale.Include all raw materials that were
     purchased and converted into merchandise.
3    Include the cost of labor used to convert raw materials into finished merchandise. Do not include
4    Total amount of other costs that can be directly identified to the merchandise (freight in, storage
     costs, etc.)
5    Total of lines 1through 4.
6    Indicate the value (at your cost) of the merchandise at the end of the year. The quantity of
     merchandise inventory on hand is generally verified by a year-end physical count. All inventory
     records should be updated at this time.
7    Subtract line 6 from line 5.


                                            SCHEDULE B

                                  COMPENSATION OF OFFICERS
1
     List each of the corporate officers (President and all Vice-Presidents). Indicate the officer's name,
     title and amount of compensation paid during the fiscal year. Note: if your payroll records are for
     the calendar year (they probably are), you will need to determine the amount of compensation that
     was paid in this fiscal period by referring to payroll records for two calendar years. DO NOT
     INCLUDE THIS AMOUNT ON LINE 11-WAGES AND SALARIES.

				
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