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Reset Form 2016 Ohio Schedule IT BUS Business Income Rev. 10/16 16260106 Include on this Ohio Schedule IT BUS any income included in federal adjusted gross income that constitutes business income.

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Only income earned while a resident of Ohio and subjected to income tax by another state or the District of Columbia is eligible for the resident credit. "State" means only one of the 50 United States of America. State does not include any country, province or city.

If your Ohio Taxable Income is:Your credit is:$25,000 or less20% of your Ohio tax less Schedule B and exemption creditsMore than $25,000 but not more than $50,00015% of your Ohio tax less Schedule B and exemption creditsMore than $50,000 but no more than $75,00010% of your Ohio tax less Schedule B and exemption credits1 more row

If you make $70,000 a year living in the region of Ohio, USA, you will be taxed $15,475. That means that your net pay will be $54,525 per year, or $4,544 per month.

The Homestead Exemption is a property tax reduction available by application to seniors (age 65 or older) and the disabled (permanent/total).

Senior citizen credit (R.C. 5747.05(C)) – Individuals may claim a $50 credit per return if the taxpayer was 65 years of age on or before Dec. 31 of the taxable year. Estates may claim the credit if the decedent was 65 years or older at the date of death.

A self employed individual must pay Ohio self employment tax, since they don't have an employer to withhold those federal payments on their behalf. The Ohio self employment tax totals 15.3%, with 12.4% covering Social Security and 2.9% going to Medicare.

Personal and Dependent Exemption amounts are indexed for tax year 2020. If Modified Adjusted Gross Income is: • Less than or equal to $40,000, the exemption amount is $2,400. Greater than $40,000 but less than or equal to $80,000, the exemption amount is $2,150. Greater than $80,000, the exemption amount is $1,900.

To qualify for the Ohio Retirement Income Credit, you must meet all of the following criteria: Your modified Ohio adjusted gross income (regular Ohio adjusted gross income plus any business income deduction added back) minus your Ohio personal exemption amount is less than $100,000.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232