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The business and occupation tax (often abbreviated as B&O tax or B/O tax) is a type of tax levied by the U.S. states of Washington, West Virginia, and, as of 2010, Ohio, [1] and by municipal governments in West Virginia and Kentucky. [2] It is a type of gross receipts tax because it is levied on gross income, rather than net income.
Various state and local taxing authorities in the US require an employer or the employee to withhold and remit a tax on the wages paid to an employee. Some states require both the employer and employee to remit a portion of the total occupational privilege tax (OPT), while others only require one or the other to do so. [1]
The National Firearms Act Special Occupational Taxpayer class is part of the Internal Revenue Code of 1986. The Special Occupational Tax is due on or before July 1 of each year. The tax rate for every importer and manufacturer is $1,000 per year or part of a year. The tax rate for each dealer is $500 per year or part of a year.
A gross receipts tax or gross excise tax is a tax on the total gross revenues of a company, regardless of their source. A gross receipts tax is often compared to a sales tax ; the difference is that a gross receipts tax is levied upon the seller of goods or services, while a sales tax is nominally levied upon the buyer (although both are ...
Apr. 27—The budget Owensboro City Commissioners were presented with last week does not include any tax increases, adds additional funds for street paving and sidewalk repair, and allocates funds ...
Occupational tax is a tax levied on persons, partnerships, corporations or other entities for engaging in an occupation, trade, profession or business for revenue raising or income producing purposes. [18] Some jurisdictions class business and occupation taxes according to sectors, such as wholesaling, services, retailing, or manufacturing.
Sen. Andrew Jones proposed a statewide bill to gradually repeal occupational license fees. Mayors in the Etowah County cities with such tax oppose it. Mayors to Jones: Job tax decisions should be ...
Aug. 7—SUNBURY — Shikellamy taxpayers may soon have the option of voting to eliminate the occupational tax and instead have district residents pay a tax based on earnings. The Shikellamy ...