Washington Formula System for Distribution of Earnings to Partners

State:
Multi-State
Control #:
US-L05041A
Format:
Word; 
PDF; 
Rich Text
Instant download

Description

This Formula System for Distribution of Earnings to Partners provides a list of provisions to conside when making partner distribution recommendations. Some of the factors to consider are: Collections on each partner's matters, acquisition and development of new clients, profitablity of matters worked on, training of associates and paralegals, contributions to the firm's marketing practices, and others.

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FAQ

Apportionable income means gross income from engaging in apportionable activities after taking exemptions and deductions (other than the interstate and foreign sales ? apportionment deduction) (RCW 82.04. 460).

Combined Excise Tax This return is used for reporting your business income, sales tax, and use tax. Monthly. Quarterly. Annual.

No income tax in Washington state Washington state does not have a personal or corporate income tax. However, people or businesses that engage in business in Washington are subject to business and occupation (B&O) and/or public utility tax.

Disposable income includes income from all sources, even if the income is not taxable for federal income tax purposes. Some of the most common sources of income include: ? Social Security and Railroad Retirement benefits.

Service and other activities B&O tax Data processing services. Accounting, auditing, actuarial, bookkeeping, tax preparation, and similar services. Interest on accounts receivable. Fees for classes provided. Stenographic, secretarial, and clerical services. Income from licenses to use real property.

This tax classification applies if you manufacture products in Washington, whether for your own use or for sale (as tangible property) to another person. The tax amount is based on the value of the manufactured products or by-products.

For purposes of calculating a receipts factor, throwout income is income that is not taxable in any other state and at least part of the income producing activity is performed in Washington. Original B&O tax returns are generally due on a monthly or quarterly basis throughout the year.

This tax classification applies if you manufacture products in Washington, whether for your own use or for sale (as tangible property) to another person. The tax amount is based on the value of the manufactured products or by-products.

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Washington Formula System for Distribution of Earnings to Partners