Texas Property Tax Calculator - Excel by cuf15159

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									                                                                          Worksheet to Determine a Physician's Rough Tax
                                                                                Liability Under Proposed Tax Plan.

                                                                   The tax applies to all entities organized to do business in the
TMA's TX 1040                                                      state, EXCEPT sole proprietors, general partnerships,
                                                                   federally qualified non-profit organizations, and governmental
                                                                   entities.

                                                                                                           Automatic Calculation
                                                                           Enter Your Data Here
Texas House Version - updated April 25, 2006                                                               Do Not Write in This Column



Alternative Margin Tax * (see note below)

Total Revenue **                                                    1.
Less:
Medicaid and CHIP revenues                                          2.                                                              $0
Medicare, workers' compensation and Tricare revenues                3.                                                              $0
Calculation to include charity care at cost basis: (optional)
  Total annual services billed at full charge                       5.
  Total annual practice cost, including physician compensation      6.
  Total charity care charges
(Must enter lines 5 and 6 to allow calculation of cost basis)       7.                                                              $0
                                                                           Line 1 less adjusted lines 2,
Adjusted Gross Revenue (if $300,000 or less, tax will be $0)        8.               3, and 7                                       $0
Employee Compensation:
Wages, salaries,stock options and other "cash" compensation
not to exceed $300,000 for any single employee (include
physician compensation)                                             9.
Employer's cost of retirement contributions                         10.
Employer's cost of employee health insurance                        11.
Employer's cost of workers' compensation                            12.
Subtotal deductible employee compensation                           13.       Sum of Lines 9 to 12                                  $0
Cost of Goods Sold:
Cost of goods sold per federal tax return (acquisition cost of DME
or other items or supplies purchased for re-sale)                  14.                                                              $0
Allowable deductions                                                15.     Greater of Lines 13 or 14                               $0
Adjusted Margin                                                     16.          Line 8 - Line 15                                   $0
Maximum taxable amount                                              17.           70% of Line 8                                     $0
Taxable Margin                                                      18.     Lesser of Lines 16 or 17                                $0
Texas Apportionment:
Percent of Gross Receipts attributable to Texas business            19.                           100%




                                   Texas Medical Association Tax Calculator -- Page 1 of 2
                                                              Worksheet to Determine a Physician's Rough Tax
                                                                    Liability Under Proposed Tax Plan.

                                                       The tax applies to all entities organized to do business in the
TMA's TX 1040                                          state, EXCEPT sole proprietors, general partnerships,
                                                       federally qualified non-profit organizations, and governmental
                                                       entities.

                                                                                          Automatic Calculation
                                                               Enter Your Data Here
Texas House Version - updated April 25, 2006                                              Do Not Write in This Column


Texas Taxable Margin                                    20.        Line 18 X Line 19                               $0
1% Tax on Margin***                                     21.                                                        $0




                       Texas Medical Association Tax Calculator -- Page 2 of 2
                                                                           Worksheet to Determine a Physician's Rough Tax
                                                                                 Liability Under Proposed Tax Plan.

                                                                    The tax applies to all entities organized to do business in the
TMA's TX 1040                                                       state, EXCEPT sole proprietors, general partnerships,
                                                                    federally qualified non-profit organizations, and governmental
                                                                    entities.

                                                                                                        Automatic Calculation
                                                                            Enter Your Data Here
Texas House Version - updated April 25, 2006                                                            Do Not Write in This Column




Property Tax Savings:
Taxable Value of Business Property                                   22.
Year 1 Business Property Tax Savings of .11 per $100                 23.                                                         $0
Year 2 Business Property Tax Savings of .44 per $100                 24.                                                         $0
Net Tax for Business After Property Tax Savings - Year 1             25.        Line 21 - Line 23                                $0
Net Tax for Business After Property Tax Savings - Year 2             26.        Line 21 - Line 24                                $0
Number of Physicians                                                 27.                            1
Net Tax per Physician After Property Tax Savings - Year 1            28.        Line 25 / Line 27                                $0
Net Tax per Physician After Property Tax Savings - Year 2            29.        Line 26 / Line 27                                $0
Taxable value of physician's personal property                       30.
Year 1 Personal Property Tax Savings of .11 per $100                 31.                                                         $0
Year 2 Personal Tax Savings of .44 per $100                          32.                                                         $0


Net Tax Effect per physician - Year 1                                33.                                                        $0
Net Tax Effect per physician - Year 2                                34.                                                        $0


  Note: The calculations here illustrate the tax effect on most physican practices of the plan that the Texas Tax Reform
  Commission has proposed. The tax applies to all entities organized to do business in the state, EXCEPT sole
  proprietors, general partnerships, and federally qualified non-profit organizations.

  *Combined reporting is required. An affiliated group with common ownership must report on a unitary combined basis,
  as a single taxable entity. Combined groups can exclude intercompany receipts from total revenue.

  ** For corporations, total revenue equals line 1-C plus lines 4-10 on IRS Form 1120. For partnerships, total revenue
  equals line 1c plus lines 4-7 on IRS Form 1065 plus lines 2-11 on IRS Form 1065, Schedule K




                                 Texas Medical Association Tax Calculator -- Page 3 of 2

								
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