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"Generic form" means an electronic or paper form designed for reporting estimated municipal income taxes, and/or annual municipal income tax liability, and/or separate requests for refunds that contain all the information required on Lakewood's regular tax return and estimated payment forms, and are in a similar format that will allow processing of the generic forms without altering Lakewood's procedures for processing forms.
(Ord. 71-10. Passed 11-1-10.)
"Income" means all monies and compensation in any form, subject to limitations imposed by ORC 718, derived from any source whatsoever, including but not limited to:
(a) All income, qualifying wages, commissions, other compensation and other income from whatever source received by residents of Lakewood.
(b) All salaries, wages, commissions, other compensation and other income from whatsoever source received by nonresidents for work done or services performed or rendered or activities conducted in Lakewood.
(c) The portion attributable to the City of the net profits of all businesses, associations, professions, corporations, or other entities, from sales made, work done, services performed or rendered, and business or other activities conducted in Lakewood.
(Ord. 71-10. Passed 11-1-10.)
"Net profits" means, for taxable years prior to 2004, a net gain from the operation of a business, profession, enterprise or other activity after provision for all ordinary and necessary expenses either paid or accrued in accordance with the accounting (that is, cash or accrual) system used by the taxpayer for federal income tax purposes without deduction of taxes imposed by this chapter, federal, state and other taxes based on income; and in the case of an association, without deduction of salaries paid to partners and other owners. (For taxable years 2004 and later, see "adjusted federal taxable income".)
(Ord. 71-10. Passed 11-1-10.)
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