Ftb 3885l Form
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People also ask
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What is the mental health tax?
The Mental Health Services Act, which voters passed as a ballot measure in 2004, levies a 1% tax on personal income over $1 million. It passed at a time when the state's mental health system was severely underfunded. Since then, the tax has generated an estimated $26 billion for county mental health programs.
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What does FTB mean on a paystub?
➢ California Sourced Income A term that refers to the wages paid to a nonresident alien while in California. ➢ California State Tax. A sum of money imposed by the California Franchise Tax Board (FTB) on the. annual earnings of individuals, corporations, trusts and other legal entities.
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What is FTB mental health tax?
The California Mental Health Services Act imposes an additional 1% tax on taxable income over $1,000,000 and is included in the calculation of the estimated tax. Alternative Minimum Tax (AMT) is included in the calculation of estimated tax.
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What does FTB mean in taxes?
The California Franchise Tax Board (FTB) is part of the California Government Operations Agency that collects state personal income tax and corporate income tax of California.
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What does FTB mean on a credit report?
In California, all income and franchise taxes are administered by the California Franchise Tax Board (FTB). While the FTB follows the Revenue and Taxation Code in the State of California, it will often piggyback on audit findings of the IRS.
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What is form 3885?
Use form FTB 3885, Corporation Depreciation and Amortization, to calculate California depreciation and amortization deduction for corporations, including partnerships and limited liability companies (LLCs) classified as corporations.
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