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2013 Oil Severance Tax Return Form 381 - State of Michigan

2013 Oil Severance Tax Return Form 381 - State of Michigan-2025

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The document is the Oil Severance Tax Return form issued by the Michigan Department of Treasury for the calendar year 2013. It outlines the mandatory filing requirements for oil and gas producers in Michigan, detailing how to report gross and taxable oil production, calculate severance taxes due, and submit payments. The form includes sections for identification, tax computation, and taxpayer certification, along with definitions and instructions for completing the return.

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What is Michigan severance tax?

The Michigan Oil and Gas Severance Tax Act, PA 48 of 1929, MCL 205.301 et seq., levies a severance tax upon each producer (including both working and royalty interest owners) engaged in the business of severing oil or gas from the soil in Michigan.

Is a severance package considered wages?

In California, severance pay is not considered wages, so it is taxed at a higher rate. The worker may need both to make up for a loss in income, as well as the relatively low amount unemployment insurance pays compared to regular payroll.

What form do I use to file a state of Michigan tax extension?

Individual and Fiduciary filers submit Form 4 or a copy of your federal extension. An extension of time to file the federal return automatically extends the time to file the Michigan return to the new federal due date. Composite filers must submit Form 4 even if a federal extension was filed.

What is the severance tax on oil and gas in Michigan?

Oil and Gas severance tax rates are as follows: Oil - General 6.6 percent of gross cash market value. Oil - Marginal properties or stripper wells 4 percent of gross cash market value. Gas 5 percent of gross cash market value.

What is an oil severance tax?

Severance tax is a state tax imposed on the extraction of non-renewable natural resources intended for consumption by other states. Severance tax is intended to compensate states for the loss of the non-renewable resources.

What are the disadvantages of severance pay?

What is the downside to severance? The downside to severance includes financial drawbacks such as loss of steady income, potential loss of benefits, and uncertainty about future job prospects, as well as the impact on retirement savings and benefits.

Is severance pay taxable in Michigan?

Severance pay is generally classified as additional income, and hence not taxed the usual way. It is liable to taxation under both income taxes and payroll taxes.

Are severance payments taxable income?

Severance pay and unemployment compensation are taxable. Payments for any accumulated vacation or sick time also are taxable. You should ensure that enough taxes are withheld from these payments or make estimated tax payments to avoid a big bill at tax time. Public assistance and food stamps are not taxable.

2013 Oil Severance Tax Return Form 381 - State of Michigan-2025

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