corporation tax N (Brit)→ impuesto m sobre sociedades Collins Spanish Dictionary - Complete and Unabridged 8th Edition 2005 © William Collins Sons & Co. Ltd. 1971, 1988 © HarperCollins Publishers 1992, 1993, 1996, 1997, 2000, 2003, 2005 corporate (ˈkoːpərət) adjective ...
poration. The corporation files its own tax returns, pays taxes on income, and then dis- tributes dividends to shareholders who pay taxes on the dividends. 3.501(c)(3) corporation. A not-for-profit corporation authorized by Section 501(c)(3) of the Internal Revenue Code, which files an...
A C Corporation is one of several ways to legally recognize a business for tax, regulatory and official reasons. See if starting a C Corp is right for you.
Have only allowable shareholders or members, which includes individuals, certain trusts and tax-exempt organizations, and estates. The shareholders may not be partnerships, corporations, or non-resident aliens. A nonresident alien is an alien who has not passed the green card test or the substantial...
If the business operates as a sole proprietorship or a partnership and the owner realizes $100,000 of profit. He or she pays Social Security and Medicare payroll taxes on most of the $100,000. Those taxes run roughly 14%, which means about a $14,000 payroll tax. (The actual formula ...
Who pays the tax on (a) the income of an S corporation and (b) the income of a partnership?Question:Who pays the tax on (a) the income of an S corporation and (b) the income of a partnership?Flow-Through EntitiesFor income tax purposes, flow-through...
The board of directors also executes the corporation's business plan. Although the members are not personally responsible for the corporation's debts, they owe a duty of care to the corporation and may incur personalliabilitiesif they neglect this duty. Some tax statutes also provide for the per...
groups can choose to account for corporation tax through only one company in the group, known as a group payment arrangement; group companies can be within the same VAT group so that supplies between group members are ignored for VAT purposes and one group member pays VAT on behalf of the ...
The company pays shareholders who are also employees “reasonable” salaries to abide by payroll taxes. Shareholders might pay income tax on distributions. Pass-through taxation Avoiding double taxation is a major advantage of S corps. The S corp itself does not pay federal corporate income tax. ...
Tax-exempt corporations must first form as a non-stock corporation and then apply to the IRS for non-profit status. Once granted, the corporation pays no U.S. federal income taxes, but it is required to file an informational return, listing the names and addresses of Board members and ...