This form is a table showing the following information:
" Period Covered;
" Salesperson's name;
" Territory;
" Date Commissioned Earned;
" Order #;
" Name of Client;
" Commission; and
" Amount of Sale
Totals are shown at the bottom of the form.
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Add up your total sales to get gross receipts. If you've kept good records, it should be simple. Then subtract the cost of goods sold, as well as sales returns and allowances, to get your total income.
What Is a Gross Receipts Tax? A gross receipts tax is a tax applied to a company's gross sales, without deductions for a firm's business expenses, like costs of goods sold and compensation.
The gross receipts tax rate for purchases made in the metro area ranges from 6.375 to 8.3125 percent throughout the MSA; Albuquerque's Gross Receipts Tax rate is 7.875 percent. The compensation tax (use tax) for purchases made outside New Mexico is 5.125 percent.
GRT applies to the gross receipts of businesses or people who sell property, perform services, lease or license a property or franchise in New Mexico, and sell certain services delivered outside New Mexico when the resulting product is initially used here. Some transactions are tax exempt, and some are deductible.
The governor's initiative will comprise a statewide 0.25 percent reduction in the gross receipts tax rate, lowering the statewide rate to 4.875 percent. This would be the first change in the statewide gross receipts tax rate since July of 2010, when the rate increased from 5 percent to its current 5.125 percent.
If you have no business location or resident salesperson but are liable for gross receipts tax (for instance, because you lease property used in New Mexico or perform a non-construction service in New Mexico), you are liable for tax at the rate for out-of-state businesses, the state gross receipts tax rate of 5.125%.
Because gross receipts taxes are imposed at intermediate stages of production and do not allow deductions for costs, they are not based on profits or net income (like a corporate income tax) or final consumption (like a well-constructed sales tax).
Gross receipts include all revenue in whatever form received or accrued (in accordance with the entity's accounting method) from whatever source, including from the sales of products or services, interest, dividends, rents, royalties, fees, or commissions, reduced by returns and allowances.
To find your gross receipts for personal income, add up your sales. Then, subtract your cost of goods sold and sales returns and allowances to get total income. The better your financial records are, the easier the process will be.
Introduction. Gross receipts taxes are applied to receipts from a firm's total sales. Unlike a corporate income tax, these taxes apply to the firm's sales without deductions for a firm's costs. They are not adjusted for a business' profit levels or expenses and apply to all transactions a business makes.
