Tax Rate Changes
Beginning January 1st, 2013
1. The Occupational (Payroll withholding) tax rate will increase from 1.75% to 1.95%
(Beginning with the 1st quarter of 2013 all occupational tax withholdings will be subject to the 1.95% tax rate)
2. The Net Profit tax rate will increase from 1.75% to 1.95%. Also, the minimum fee on the Net Profit Return will increase from $35.00 to $60.00
(Net Profit Returns with a “Due Date” after 1/1/13 will be subject to the 1.95% tax rate and the $60.00 minimum fee)
3. The $25.00 Itinerant Contractor Regulatory License will be discontinued.
(In an effort to simplify filing requirements, the City of Frankfort has decided to discontinue the Itinerant Contractor Regulatory License Fee Return. Out of town contractors will now be responsible to file only the Net Profit License Fee Returns and the Occupational Tax Returns, providing they have employees)