The form of business you operate determines what taxes you must pay and how you pay them.
The following are the five general types of business taxes. All businesses except partnerships must file an annual income tax return.
Partnerships file an information return. The form you use depends on how your business is organized. The federal income tax is a pay-as-you-go tax. You must pay the tax as you earn or receive income during the year. An employee usually has income tax withheld from his or her pay. If you do not pay your tax through withholding, or do not pay enough tax that way, you might have to pay estimated tax. If you are not required to Major Revenue For Credit Card Organizations estimated tax payments, you may pay any tax due when you file your return. For additional information refer to Publication Visit web page, you must pay taxes on income, including self-employment tax discussed nextby making regular payments of estimated tax during the year. For additional information, refer to Estimated Taxes.
Self-employment tax SE tax is a social security and Medicare tax primarily for individuals who work for themselves.
Get 20% off hardware that works as hard as you do.
Your payments of SE tax contribute to your coverage under the social security system. Social security coverage provides you with retirement benefits, disability benefits, survivor benefits, and hospital insurance Medicare benefits. Note: There are special rules and exceptions for aliens, fishing crew members, notary public, state or local government employees, foreign government or international organization employees, etc.
For additional information, refer to Self-Employment Tax. When you have employees, you as the employer have certain employment tax responsibilities that you must pay and forms you must file. Employment taxes include the following:.
JPMorgan Chase
For additional information, refer to Employment Taxes for Small Businesses. This section describes the excise taxes you may have to pay and the forms you have to file if you do any of the Rsvenue. Form - The federal excise taxes reported on Formconsist of several broad categories of taxes, including the following. Form - There is a federal excise tax on certain trucks, truck tractors, and buses used on public highways. The tax applies to vehicles having a taxable gross weight of 55, pounds or more. Report the tax on Form For additional information, see the instructions for Form Form Major Revenue For Credit Card Organizations If you are in the business of accepting wagers or conducting a wagering pool or lottery, you may be liable for the federal excise tax on wagering. Use Formto figure the tax on the wagers you receive.
Help Menu Mobile
Form C - Use Form COccupational Tax and Registration Return for Wagering, to register for any wagering activity and to pay the federal occupational tax on wagering. Excise tax has several general excise tax programs. One of the major components of the excise program is motor fuel. For additional information, refer to Excise Taxes. More In File. Income Revenje. Related Topics Business Structures. Online Tax Calendar. Starting a Business. E-File Employment Tax Forms.
Page Last Reviewed or Updated: Nov]
Very valuable information
I consider, that you are mistaken. Let's discuss it. Write to me in PM.