Get the up-to-date colorado severance tax 2024 now

Get Form
colorado severance tax return Preview on Page 1.

Here's how it works

01. Edit your form online
01. Edit your co severance tax return online
Type text, add images, blackout confidential details, add comments, highlights and more.
02. Sign it in a few clicks
02. Sign it in a few clicks
Draw your signature, type it, upload its image, or use your mobile device as a signature pad.
03. Share your form with others
03. Share your form with others
Send colorado severance tax via email, link, or fax. You can also download it, export it or print it out.

The best way to edit Colorado severance tax in PDF format online

Form edit decoration
9.5
Ease of Setup
DocHub User Ratings on G2
9.0
Ease of Use
DocHub User Ratings on G2

Adjusting documents with our extensive and intuitive PDF editor is straightforward. Adhere to the instructions below to complete Colorado severance tax online easily and quickly:

  1. Log in to your account. Sign up with your email and password or create a free account to test the service prior to upgrading the subscription.
  2. Import a document. Drag and drop the file from your device or import it from other services, like Google Drive, OneDrive, Dropbox, or an external link.
  3. Edit Colorado severance tax. Easily add and highlight text, insert pictures, checkmarks, and icons, drop new fillable fields, and rearrange or delete pages from your document.
  4. Get the Colorado severance tax completed. Download your updated document, export it to the cloud, print it from the editor, or share it with other people through a Shareable link or as an email attachment.

Benefit from DocHub, one of the most easy-to-use editors to rapidly manage your paperwork online!

See more colorado severance tax versions

We've got more versions of the colorado severance tax form. Select the right colorado severance tax version from the list and start editing it straight away!
Versions Form popularity Fillable & printable
2021 4.8 Satisfied (48 Votes)
2020 4.2 Satisfied (102 Votes)
2019 4.4 Satisfied (135 Votes)
2018 4.4 Satisfied (239 Votes)
2015 4.4 Satisfied (360 Votes)
2014 4 Satisfied (31 Votes)
be ready to get more

Complete this form in 5 minutes or less

Get form

Got questions?

We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.
Contact us
Colorado Severance Tax is a tax imposed upon nonrenewable natural resources that are removed from the earth. Natural resources that are subject to severance taxation include: Metallic Minerals. Molybdenum (Ore)
The baseline Texas severance tax on oil and gas is: Gas severance tax = 7.5% of market value of gas produced and saved. Oil severance tax = 4.6% of market value of oil produced.
In 2019, severance tax revenue accounted for 23 percent of North Dakotas state and local general revenue, followed by Wyoming (8 percent), Alaska (7 percent), and New Mexico (6 percent).
Who is Responsible for Paying the Tax? For oil production, the Texas state levies the tax on the first purchaser, while for natural gas, the producer is the one responsible for it. However, depending on the agreement between the producer and purchaser, the purchaser can end up in charge of the gas severance tax.
These taxes are typically withheld from severance payments:1. 12.4% Social Security tax (6.2% each from the employer and the employee)2. 2.9% Medicare tax (1.45% each from the employer and the employee)2. Federal income tax withholding (varies by your tax bracket and filing status)
be ready to get more

Complete this form in 5 minutes or less

Get form

People also ask

The gross production tax, or severance tax, is a value-based tax levied at a basic rate of 7 percent upon the production of oil and gas in Oklahoma (the tax rate is lower when oil and gas prices fall below a certain threshold).
As a primary approach, states have imposed taxes and fees on the extraction, production and sale of natural gas and oil. These severance taxestaxes applied to materials severed from the groundtax the extraction or production of oil, gas and other natural resources.
In addition, the employer is responsible for paying a flat rate of 22% tax income withholdings to the IRS, given that the IRS classifies severance pay as a supplemental wage. Therefore, it is subject to federal and state income withholding deductions.

colorado severance tax oil and gas