LOCAL ACTUAL DETAILS

The Local Actual Details page gives users input fields for:

•The current income (State) tax rate.
•The ending deferred (State) tax rate.
•The current apportionment percentage.
•The ending apportionment percentage.
•The current deductible rate.
•The ending deductible rate.
•The deferred provision only adjustments.

 

The Beginning Deferred, Beginning Apportionment, and Beginning Deductible rates appear for the review only. These fields cannot be edited. If there are different tax rates in effect due to tax law changes, the appropriate tax rates is entered in the current and ending tax rate fields.

 

Descriptions of key rate fields:

•Apportionment Percentage: The percentage of the national (federal) taxable income that is included when calculating the local tax provision. The percentage is 100 if the starting point of the local tax provision is the national (federal) taxable income.
•Federal (National) Deductible Rates: The percentage of the state tax expenses that is deductible on the national (federal) tax provision calculation. The percentage is 0 if local taxes are not deductible on the national (federal) level.
•Deferred Provision Only Adjustments: Adjustments to the deferred tax provision expense. They are presented as a separate line item, and they impact the Effective Tax rate. These adjustments do not have a related deferred tax or liability associated with them.

 

When users finish entering the appropriate information, click Save Changes. Click Next and follow the sequence for populating the remaining unit information. Users can also proceed to the next page by clicking Local Actual Permanent Diffs on the left navigator menu.

 

Administrators can make the current and ending rates on this page not editable. They can also hide any field on this page. For more information, refer to the Administration section.