0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
Does obama support increasing taxes on S corporations?
This is a double sided question. The direct answer is that Obama will not raise taxes on S-Corporations. S-Corporations rarely pay taxes. Their profits flow through a schedule K-1 to the owners individual income tax return.If Obama raises personal income taxes, which he probably will, then yes you will pay more.The biggest issue with Obama and S-Corporations is the fact that Obama wants the profits from an S-Corporation to be subject to Social security Taxes. Under present law, an owner of an S-Corporation can take distributions of profits and not pay social security taxes. The only tax you pay on S-Corp profits is federal income taxes. If he does pass this change then owners of S-Corps will pay upwards of 15.3% of their profits for Social Security Taxes. Thus eliminating the need to form an S-Corp.
What type of tax must a business pay on its profits to the federal government and some state and local governments?
corporate tax
What do large US cororations pay in Federal income taxes?
what do large US corporations pay in Federal income tax
Tax debt is what type of debt to a company?
Tax debt refers to the tax paid on the amount of debt the company has outstanding still. This varies significantly by company and non-profits do not pay tax.
If you are a sole trader do you pay income tax?
yes however all the income and profits is all yours you are just eligible of paying income tax.
Does obama support increasing taxes on S corporations?
This is a double sided question. The direct answer is that Obama will not raise taxes on S-Corporations. S-Corporations rarely pay taxes. Their profits flow through a schedule K-1 to the owners individual income tax return.If Obama raises personal income taxes, which he probably will, then yes you will pay more.The biggest issue with Obama and S-Corporations is the fact that Obama wants the profits from an S-Corporation to be subject to Social security Taxes. Under present law, an owner of an S-Corporation can take distributions of profits and not pay social security taxes. The only tax you pay on S-Corp profits is federal income taxes. If he does pass this change then owners of S-Corps will pay upwards of 15.3% of their profits for Social Security Taxes. Thus eliminating the need to form an S-Corp.
How much tax did corporations pay?
$102,233,327,387
What does double taxation mean?
Corporations pay income taxes on their profits, and stockholders pay taxes on their dividends.
Why must stockholders pay taxes on dividends?
corporations must pay taxes on their incomes, profit is a form of income, and a dividend is a portion of corporate profits paid out to stockholders, and stockholders must pay personal income tax on those dividends.
Do you have to pay federal income tax on profits from e-bay?
Yes. Profits are taxable.
Why do corporations have to pay income tax?
Governments need money, and corporations (in general) have a lot of money, so it seemed like a good idea to tax them.
What if a corperation is nonprofit?
All non profits are corporations. All corporations are not non profits.
What are some benefits of tax free investments?
There are plenty of benefits of tax free investments. However, the best benefits of tax free investments is getting more profits and not have to pay tax for those profits.
Is corporate tax direct tax?
Corporate tax is a tax on the profits of corporations ( joint stock companies) . This tax can be collected according to a progressive scale of taxation ( for example, in the U.S.) that provides the several multiple levels of profits and the use of the increasing ( progressive ) tax rates for each subsequent level , and on the plane scale, where one and the same tax rate applies to all levels of income ( as, for example income tax on individuals in Russia) .Simply put: Direct taxes are those, such as income tax or corporation tax, that are levied directly on the tax payer by means of some process of assessment.
Tax treaty benefits?
You will not be subject to double taxation. This means that when you pay tax on profits made in one country, you will not be expected to pay the full rate of tax in the country to which you are repartriating these funds.
What percentage of US Taxes do corporations pay?
On average, corporations pay approximately 9-10% of total U.S. federal tax revenue. This percentage can vary depending on economic conditions, tax policies, and individual company performance.
What type of tax must a business pay on its profits to the federal government and some state and local governments?
corporate tax
