Form 7510 - City Of Chicago Amusement Tax Page 6
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7ACCOUNT NUMBER
LINE 3B.
Enter gross receipts less deductions (subtract line 2B from line 1B).
3C.
Enter gross receipts less deductions (subtract line 2C from line 1C).
LINE 4B.
Enter receipts subject to tax (divide line 3B by 1.05).
4C.
Enter receipts subject to tax (divide line 3C by 1.09).
LINE 5.
Preprinted tax rate.
LINE 6.
Total tax due before tax payments and credits. Multiply line 4b by line 5b. Multiply line 4c by line 5c. Add product column b
to product column c.
LINE 7.
Enter Franchise Fee Credit (if applicable).
LINE 8.
Tax due before current year's tax payments (subtract line 7 from line 6).
LINE 9.
Current year's tax payments.
LINE 10.
Total tax due (subtract line 9 from line 8). If line 10 is greater than 0, enter the amount owed. If line 10 is less than 0, skip to
line 14.
LINE 11.
Determine the amount of interest owed based on fee past due.
11a.
Enter number of days late (August 16 being one day late, etc.).
11b.
Enter amount from line 10. ................................................................
0 0
11c.
Total amount of interest (11b * [11a / 365]) * 12%.............................
0 0
EXAMPLE: If you determine that you owe $100,000 on the due date (August 15) and you file and pay the tax on August 26, then
you are 11 days late in making the payment. The calculation of the interest owed is as follows: [$100,000 * (11/365)] * 12% =
$361.64).
LINE 12.
Late penalties: Compute penalty based on 1 of the 2 requirements listed below:
a) If the return is being filed timely, but payment is late, compute 5% of line 10.
b) If the return is filed late, compute the greater of 1) 1% of line 8 (up to a maximum of $5,000) or 2) 5% of line 10.
The tax return is due on or before the 15th day of the second month following the fiscal year in which taxable receipts are
received.
LINE 13.
Enter the total tax, interest, and penalty due.
LINE 14.
Overpayment. If line 10 is less than 0, enter the amount of overpayment.
LINE 15.
If you want the amount of the overpayment to be credited to next year's estimated tax, enter a check in the credit box.
Otherwise, check the refund box.
NOTE: Any amounts overpaid will first be applied to deficiencies outstanding for this tax and to deficiencies for any other City
of Chicago tax for which you are registered.
FOR ADDITIONAL INFORMATION, CALL 312-747-IRIS (4747) (TTY 312-742-1974)
NOTE: YOU MUST COMPLETE ALL INFORMATION ON THIS PAGE FOR THIS RETURN TO BE CONSIDERED COMPLETE.
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Parent category: Financial