0
Do businesses have to pay more or fewer taxes than individuals?
Wiki User
∙ 11y ago
This depends on the legal organization of the business (C corporation, S corporation, partnership, etc) and what state the business operates in, for just a couple of factors.
There are some taxes which may only apply to one or the other, or apply differently to individuals and businesses. One example is the Social Security tax. An individual pays 7.65% of gross pay to Social Security (in 2011 stimulus measures had this at a temporarily reduced rate of 5.65%). The business, as an employer, pays a matching contribution the employees account (based on how much the employee makes, not how much income the business has. Note that the above referenced stimulus reduction applied only to reduce the employee's portion, not the employer's.
In Texas, a business pays property tax based on the value of vehicles, equipment and inventory that it owns, as well as any real estate. Individuals only pay property tax on real estate. Each state would have its own tax laws.
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
When the economy is in a downward swing what might be done to taxes to help individuals have more income?
lowered
If income in S corp is 100 percent rental income is it still subject to personal holding company rules and taxes?
The corporation terminates as an S Corporation and becomes an efffective PHC. But before it qualifies as a PHC more than 50% of its outstanding stock should be owned by 5 or fewer individuals.
If you have a college degree do you pay fewer taxes?
No. You will pay more because you should have job that pays you more.
What happens when personal and business taxes are reduced?
People and businesses pay less taxes.Government deficits and borrowing grow.Sometimes the extra money that people and businesses have is spent, sometimes it is invested. When the money is spent, it generates additional sales and property taxes. When it is invested it can generate additional income which can result in additional taxes.Whether the additional taxes generated by the additional spending or investment are more or less than the amount that the taxes were reduced by is a very controversial issue. Under the right total combination of circumstances, the additional economic activity can generate more taxes and more than make up for the reduced taxes. Under the wrong combination, it can cause deficits, infrastructure neglect, increased government borrowing and a general economic downturn. You can never predict the future of the economy by looking at just one factor.
The different type of taxes citizens pay?
There is Income taxes, sales taxes, property taxes and school taxes but probably much more than that.
Does Russia collect taxes?
Yes, Russia collect taxes from businesses, from natural persons (individuals). Read more about the taxes and rate of taxes here: http://www.iconsu.com/en/taxes-in-russia/tax-on-personal-income.html
Do working seniors over 65 have to pay FICA?
A seniors paying taxes should not have to pay while the rich get richer and pay fewer taxes. The rich individuals should pay more taxes because they could afford it.
What ideas is a major element of trickle down economics?
Cutting taxes on businesses will encourage them to hire more workers
Why do individuals carry a much heavier tax burden than corporations and is it justified?
While that isn't true it would not be justified if it were. The more a corporation pays in taxes the less they will grow and the fewer people they will hire. Corporations have dozens of different types of taxes they have to pay.
What is the population growth have to do with Evolution?
With more individuals reproducing there will be more varied mutations that will occur. This gives nature more to work with in selecting survivors in changing environments. When species are reduced to fewer and fewer individuals there are fewer mutations for nature to choose from for survival and and the species may go extinct in a changing environment.
Are there any online sites to learn about business tax software?
Yes, there is an online website were you can visit to find out more about business tax software. That website is irs.gov. It has information for individuals and businesses to file their taxes.
Which policy has more direct influence on individuals and businesses?
Monetary Policy.
Which policy has a more direct influence on individuals and businesses?
Monetary Policy.
How can lowering taxes stimulate the economy?
Businesses spend more and increase employment.
What do supporters of supply-side economics believe?
Reducing tax rates for businesses and wealthy individuals. Supporters of supply side economics believe in reducing tax rates for businesses and wealthy individuals. - See more at: http://www.chacha.com/question/what-do-supporters-of-supply-side-economics-believe#sthash.hxt2Ko2g.dpuf Supporters of supply side economics believe in reducing tax rates for businesses and wealthy individuals. - See more at: http://www.chacha.com/question/what-do-supporters-of-supply-side-economics-believe#sthash.hxt2Ko2g.dpuf
Individuals with variations that make them best suited to their environment will on average be more likely to what?
fewer mutation
What happens when the government raises taxes?
When they raise taxes, people and businesses are required to pay more into the government. By raising taxes, it takes money out of peoples pockets and therefore they and businesses have less to invest. Investment is what drives the economy. Businesses cannot expand, they don't hire people to work, businesses shrink, people are put out of work and the economy as a whole shrinks.
