31-15 Municipal Income Tax - Laserfiche WebLink

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"Qualifying wage" means wages as defined in Section 3121(x) of the Internal Revenue Code, without regard to any wage limitations, but including subsequent adjustments from required additions and deductions. "Qualifying wage" repre- sents employees' income from which municipal tax shall be deducted by the employer, and any wages not considered a part of "qualifying wage" shall not be taxed by a municipality. This definition is effective January 1, 2004, for taxa- ble years 2004 and later. (Ord. 71 -10. Passed I1- 1 -10.) 128.0316 RESIDENT. "Resident" means an individual domiciled in the City of Lakewood, but shall not include those individuals attending an accredited college or university on a full -time basis who reside within the City sixteen weeks or less during the taxa- bleyear. (Ord. 71 -10. Passed 11- 1 -10.) 128.0317 RESIDENT UNINCORPORATED BUSINESS ENTITY. "Resident unincorporated business entity" means an unincorporated business en- tity having an office or place of business within the City of Lakewood. (Ord. 71- 10. Passed 11- 1 -10.) 128.03171 S CORPORATION. "S Corporation" or "Subchapter S Corporation" means any association that has made an election under Subchapter S of Chapter 1 of Subtitle A of the Internal Revenue Code for its taxable year. (Ord. 71 -10. Passed 11- 1 -10.) 128.0318 TAXABLE INCOME. "Taxable income" means income minus the deductions and credits allowed by this chapter. (See "income ".) (Ord. 71 -10. Passed 11- 1 -10.) 128.0319 TAXABLE YEAR. "Taxable year" means the calendar year, or the fiscal year upon the basis of which the net profits are to be computed under this chapter, and in the case of a fractional part of a year, the period for which such retain is required to be made. (Ord. 71 -10. Passed 11- 1 -10.) 128.0320 TAXPAYER. "Taxpayer" means a person, whether an individual, partnership, association or any corporation or other entity, required hereunder to file a return or pay a tax. (Ord. 71 -10. Passed 11- 1 -10.) 128.0501 RATE AND INCOME TAXABLE. An annual tax for the purposes specified in Section 128.O101shall be imposed on and after January 1, 1981, at the rate of one and one -half percent (1 -112 %) per annum upon the following: (a) On all income, salaries, qualifying wages, commissions and other compen- sation earned and/or received on and after January 1, 1981, by residents of the City. For clarification "income" includes, but is not limited to, lottery, gambling and sports winnings, and games of chance. (1) If the taxpayer is considered a professional gambler for federal income tax purposes, related deductions as permitted by the Internal Revenue Code shall be allowed against gambling and sports winnings. (2) If tine taxpayer is not considered a professional gambler for federal income tax purposes, a deduction equal to the amount of up to $600 of income com- bined from lottery, gambling and sports winnings, and games of chance, or a de- duction of $600, whichever is less, shall be allowed, provided that in no case shall the deduction exceed the amount of combined income from lottery, gam- bling and sports winnings, and games of chance. If said income is payable to the 5