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(a) In the case of hourly employees, where a payroll continues past September 30, 1970, and the payroll does not end until a period in October, 1970, such payroll shall be considered a split-payroll, and as such this payroll will not be subject to withholding tax under the Municipal Income Tax Ordinance effective October 1, 1970. That is to say, only the first full pay for hourly employees earned after October 1, 1970, and all payrolls thereafter, will become subject to withholding under the Municipal Income Tax Ordinance.
(b) All salaried employees paid on a calendar month will be subject to withholding under the Municipal Income Tax Ordinance as of October 1, 1970.
(Res. 1970-14. Passed 8-24-70.)
The Municipal Income Tax Department will require the filing of employee earning reports resembling Federal form W-2 for work or services performed within the City limits. Also, copies of form 1099-MISC or an equivalent listing of persons doing contract labor or performing services for employers are required by the Tax Department. Such lists must contain all information given in the 1099-MISC form. W-2 reconciliation and 1099-MISC must be received not later than January 31, 1985 and subsequent years.
(Ord. 1984-10. Passed 9-17-84.)
(a) In the case of an individual having salary, wages or other compensation subject to City income tax, if such individual has a business, including farms and rental property, which reflects a loss for the same accounting period, such individual may not off-set the business loss against income earned by salary, wages or other compensation for the purpose of reducing his tax liability or securing a cash refund from the Income Tax Department; nor may such individual off-set as a carry forward credit, or as a carryback credit such business loss against income earned from salary, wages, or other compensation allocable to any different accounting period, for the purpose of securing a cash refund from past income taxes paid.
(Ord. 1984-10. Passed 9-17-84.)
(b) If any individual operated more than one business, the profits of which were subject to Wauseon, Ohio City income tax, the individual may offset profits from one business with the net loss from another business, and report the resulting net profit or loss for City income tax purposes.
(c) In any event, the net loss on a business used to off-set net income from another business must exactly agree with the net loss as reported on Federal income tax return Form 1040, as filed with the Federal government.
(Ord. 1982-24. Passed 11-15-82.)