K-74 KANSAS
NATION...
INSTRUCTIONS FOR SCHEDULE K-74
GENERAL INSTRUCTIONS LINE 3 – Multiply line...
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National Guard and Reserve Employer Credit (K-74)

Published on: Mar 3, 2016
Published in: Business      Technology      
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Transcripts - National Guard and Reserve Employer Credit (K-74)

  • 1. K-74 KANSAS NATIONAL GUARD & RESERVE EMPLOYER CREDIT (Rev. 8/07) For the taxable year beginning _________________ , 20____ ; ending _________________ , 20____ . Name of taxpayer (as shown on return) Social Security Number or Employer ID Number (EIN) If partner, shareholder or member, enter name of partnership, S corporation, LLC or LLP Employer ID Number (EIN) PART A – COMPUTATION OF CREDIT This credit is being claimed for employing ____________________________ , Social Security Number ______________________ (Name) 1. Total amount of salary or compensation you paid this tax year for employing a member of the Kansas Army or Air National Guard who was federally activated and deployed on or after August 7, 1990, that you did not employ prior to such activation and deployment and who was currently unemployed at the time you employed them. 1. _______________ 25% 2. Maximum percentage allowed by law. 2. _______________ 3. Maximum credit for this tax year. Multiply line 1 by line 2. 3. _______________ $7,000 4. Credit limitation. 4. _______________ 5. Maximum credit allowed. Enter the lesser of line 3 or line 4. 5. _______________ 6. Proportionate share percentage (see instructions). 6. _______________ 7. Your share of the credit for employing this member. Multiply line 5 by line 6. 7. _______________ PART B – COMPUTATION OF TOTAL CREDIT CLAIMED THIS TAX YEAR 8. Amount of available carry forward from the prior year’s Schedule K-74. 8. _______________ 9. Total credit available. Add lines 7 and 8. 9. _______________ 10. Amount of tax liability for current taxable year after all previously claimed credits. 10. _______________ 11. Amount of credit allowable this tax year. nter the lesser of line 9 or line 10. Also enter this amount E 11. _______________ on the appropriate line of Form K-40, K-41 or Form K-120. If line 11 is less than line 9, complete PART C. PART C – COMPUTATION OF CREDIT CARRY FORWARD 12. Amount of credit to carry forward to next year’s Schedule K-74 (subtract line 11 from line 9). 12. _______________
  • 2. INSTRUCTIONS FOR SCHEDULE K-74 GENERAL INSTRUCTIONS LINE 3 – Multiply line 1 by line 2 and enter the result. This is the maximum credit for this tax year. K.S.A. 79-32,244 provides that for years 2006, 2007 and LINE 4 – Credit limitation set by law ($7,000). Make no 2008, a 25% Kansas income tax credit for employing a entry on this line. member of the Kansas army and air national guard or a LINE 5 – Maximum credit allowed. Enter the lesser of line 3 member of a Kansas unit of the reserved forces of the United of line 4. States who was federally activated and deployed on or after August 7, 1990. The credit is 25% of the amount paid as LINE 6 – Partners, shareholders or members: Enter the salary or compensation, not to exceed $7,000 for each percentage that represents your proportionate share in member employed. This credit is further limited to salary or the partnership, S corporation, LLC or LLP. All other compensation paid for one (1) year for each member taxpayers: Enter 100%. employed. LINE 7 – Multiply line 5 by line 6 and enter the result. This is your share of the total credit for the amount invested To qualify for this credit the following criteria must be met: this year. 1) an employer must employ a member of the Kansas army and air national guard or a member of a Kansas unit of PART B — COMPUTATION OF TOTAL CREDIT CLAIMED the reserved forces of the United States who was federally THIS TAX YEAR activated and deployed on or after August 7, 1990, and LINE 8 – Enter the carry forward amounts available from 2) an employer must NOT have employed such said prior year’s K-74 schedules and enclose a copy of those member prior to such activation and deployment, and schedules. 3) the member must have been unemployed at the time the employer (who is claiming this credit) employed said LINE 9 – Add lines 7 and 8. Enter the result. member. LINE 10 – Enter the total Kansas tax liability for the current tax year after all previously claimed credits. The credit allowed shall not exceed the amount of the tax LINE 11 – Enter the lessor of line 9 or line 10. Enter this imposed under the Kansas income tax act, reduced by the amount on the appropriate line of Forms K-40, K-41 or sum of any other credits. If the amount of the credit allowed K-120. by this section exceeds the taxpayers’ income tax liability imposed by the Kansas income tax act for such taxable year, If line 11 is less than line 9, complete PART C. such excess may be carried over for credit in the same PART C —COMPUTATION OF CARRY FORWARD CREDIT manner in the succeeding taxable years until the total amount of such credit is used. LINE 12 – Subtract line 11 from line 9. Enter the result. This amount cannot be less than zero. Enter this amount on You must complete a separate Schedule K-74 next year’s Schedule K-74. for each employee. TAXPAYER ASSISTANCE SPECIFIC LINE INSTRUCTIONS For information and assistance in completing this schedule PART A - COMPUTATION OF CREDIT contact the Kansas Department of Revenue: LINE 1 – Enter total amount of salary or compensation you Taxpayer Assistance Center Docking State Office Building paid this tax year for employing a member of the Kansas 915 SW Harrison St., 1st Floor Army or Air National Guard who was federally activated Topeka, KS 66625-2007 and deployed on or after August 7, 1990, that you did not employ prior to such activation and deployment and Phone: (785) 368-8222 who was currently unemployed at the time you Hearing Impaired TTY: (785) 296-6461 employed them. Kansas tax forms are available from our office or on our LINE 2 – The maximum percentage (25%) allowed by law. web site: www.ksrevenue.org Make no entry on this line.

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