If you chose an ATC that corresponds to the Graduated Income Tax (II012, II013, II014):
If your taxable income (gross sales - deductions) is less than 250K, then your tax dues will map to zero. Please see the updated income tax table as per TRAIN here:
If you indicated that you opted in to 8% (II015, II016, II017):
The 8% Gross Receipts Tax is computed differently depending on whether your income comes solely from your business or if your income comes from both business and compensation.
If your income solely from business, then use this formula:
Total Income Tax Due = 0.08 * (Gross Sales - 250,000)
If your income comes from BOTH compensation and business (mixed income), then use this formula:
Total Income Tax Due = (0.08 * Gross Sales) + Tax Due on Compensation
Note: If you have mixed income, your Quarterly due would not include your tax due on compensation. Your compensation tax due would only be added when you file your annual income tax.
Note: Taxumo has simplified the form selection screen. Instead of choosing the Options, you now choose the forms you're filing. To indicate whether or not you're opting in to 8%, you have to reflect it in the ATC you're choosing. You can read more about this change here.