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Software Submission Request MI FTE Application Letter for FID and REP Submissions Extensions 0505

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The document is a Software Submission Form for the Michigan Gaming Control Board, used to submit new or modified gaming software for approval. It includes sections for company information, game details, payback percentages, and compliance certifications. The form requires an authorized signature and outlines the company's agreement to indemnify the state against claims related to the submission.

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What is the Michigan FTE form 5774?

The FTE annual return filing includes Schedule for Reporting Member Information for a Flow-Through Entity (Form 5774). Part 2 of that form reports individuals, fiduciaries, and other flow-through entities and their respective shares of the tax (credit).

What is Michigan state tax for employees?

Michigan State Income Tax (SIT) Rates Michigan has a flat income tax rate of 4.25%, meaning all residents pay the same amount regardless of their income levels.

What is mi FTE tax?

The Michigan FTE tax is levied on the portion of the business income tax base attributable to any direct member that is an individual, fiduciary (i.e., trust or estate), or another flow-through entity.

What is the benefit of Michigan flow-through entity tax?

The resulting solution the Michigan FTE tax election gives eligible S corporations and partnerships the option to pay tax at the entity level, so the owners can reduce federal income taxes owed due to a reduction in the pass-through income received.

What is Mi use tax?

Use tax is a companion tax to sales tax. Use tax of 6% must be paid to the State of Michigan on the total price of all taxable items brought into Michigan or purchases through the internet, by mail or by phone from out-of-state retailers that do not collect and remit sales or use tax from their customers.

Does MI accept federal extensions?

Income Tax (Individual, Composite and Fiduciary) 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.

How is MI tax calculated?

Michigan has a flat income tax system, which means that income earners of all levels pay the same rate: 4.05% of taxable income. That is one of the lowest rates for states with a flat tax. In Michigan, adjusted gross income (which is gross income minus certain deductions) is based on federal adjusted gross income.

How to extend Michigan flow-through entity tax?

Michigan flow-through entity tax: General reminders In order to make an election for the 2024 tax year, taxpayers must submit electronic payment through Michigan Treasury Online (MTO) by March 15, 2024, for calendar year taxpayers or the 15th day of the third month of that tax year for fiscal year filers.

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