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Get Ky Hickman Net Profit License Fee Return
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How to fill out the KY Hickman Net Profit License Fee Return online
The KY Hickman Net Profit License Fee Return is essential for businesses operating within the city limits of Hickman, Kentucky. This form allows businesses to report their net profit and calculate the associated license fee, ensuring compliance with local regulations.
Follow the steps to complete the Net Profit License Fee Return online
- Press the ‘Get Form’ button to access the form in your browser.
- Complete Section A by providing the required business information. This includes your business form (C Corporation, S Corporation, LLC, Partnership, Individual Owner), Social Security or Federal ID number, and answers to employment and income questions.
- In Section B, begin with Line 8 by entering your total gross income as reported on your federal return.
- Continue to Line 9 by entering your total deductions as shown on your federal return.
- On Line 10, input your net income as it appears on your federal return.
- For Line 11, add any items not deductible and report this total.
- Add Lines 10 and 11 together and enter the total on Line 12.
- Deduct items not subject to the license fee on Line 13.
- Compute your adjusted net income by subtracting Line 13 from Line 12 and enter the result on Line 14.
- If necessary, complete Section D to find the average percentage and enter it on Line 15.
- Multiply the adjusted net income (Line 14) by the average percentage (Line 15) to find the profits subject to the license fee on Line 16.
- Calculate 1.5% of the amount on Line 16 and enter it on Line 17 to determine your license fee.
- If you have credits from previous payments, enter this amount on Line 18.
- To finalize your amount due, subtract Line 18 from Line 17 and report this on Line 19.
- Add any interest (Line 20) and penalty (Line 21) to Line 19 to determine your total amount due on Line 22.
- Review all entries for accuracy. Save any changes made, and download, print, or share the completed form as needed.
Complete your KY Hickman Net Profit License Fee Return online today for a smooth filing experience.
An Annual Net Profit License Fee is levied on all persons, fiduciaries, corporations, and associations engaged in the occupation, trade, profession or other business earned for work performed within the city. The rate is equal to the greater of 1.95% of the net profit or $60.
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