280-20-55 R.I. Code R. § 6.8
Current through June 20, 2024
Assume that a fiscal year taxpayer's filing period (7/1 to 6/30) had two Rhode Island rates. The first rate was 20% from 1/1/20XX to 12/31/20XX; the second rate was 25% from 1/1/20AB to 12/31/20AB. The Federal income tax liability was $5,000.
Step #1: Fiscal period rates: | 6/12 x 20% = | 10.0% |
6/12 x 25% = | 12.5% | |
Step #2: Tax: | 10.0% x $5,000.00 = | $ 500.00 |
12.5% x $5,000.00 = | $ 625.00 | |
RHODE ISLAND INCOME TAX = | $1,125.00 |
280 R.I. Code R. § 280-RICR-20-55-6.8