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S-corporation
An S corporation, for United States federal income tax, is a closely held corporation (or, in some cases, a limited liability company (LLC) or a partnership) that makes a valid election to be taxed under Subchapter S of Chapter 1 of the Internal Revenue Code. In general, S corporations do not pay any income taxes. Instead, the corporation's income and losses are divided among and passed through to its shareholders. The shareholders must then report the income or loss on their own individual income tax returns. Overview S corporations are ordinary business corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes. The term "S corporation" means a "small business corporation" which has made an election under § 1362(a) to be taxed as an S corporation. The S corporation rules are contained in Subchapter S of Chapter 1 of the Internal Revenue Code (sections 1361 through 1379). The United States Congress, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Limited Liability Company
A limited liability company (LLC for short) is the US-specific form of a private limited company. It is a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation. An LLC is not a corporation under state law; it is a legal form of a company that provides limited liability to its owners in many jurisdictions. LLCs are well known for the flexibility that they provide to business owners; depending on the situation, an LLC may elect to use corporate tax rules instead of being treated as a partnership, and, under certain circumstances, LLCs may be organized as not-for-profit. In certain U.S. states (for example, Texas), businesses that provide professional services requiring a state professional license, such as legal or medical services, may not be allowed to form an LLC but may be required to form a similar entity called a professional limited liability company (PLLC). An LLC is a hybrid le ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Tax In The United States
Income taxes in the United States are imposed by the federal government, and most states. The income taxes are determined by applying a tax rate, which may increase as income increases, to taxable income, which is the total income less allowable deductions. Income is broadly defined. Individuals and corporations are directly taxable, and estates and trusts may be taxable on undistributed income. Partnerships are not taxed (with some exceptions in the case of Federal income taxation), but their partners are taxed on their shares of partnership income. Residents and citizens are taxed on worldwide income, while nonresidents are taxed only on income within the jurisdiction. Several types of credits reduce tax, and some types of credits may exceed tax before credits. An alternative tax applies at the federal and some state levels. In the United States, the term "payroll tax" usually refers to FICA taxes that are paid to fund Social Security and Medicare, while "income tax" re ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pennsylvania
Pennsylvania (; ( Pennsylvania Dutch: )), officially the Commonwealth of Pennsylvania, is a state spanning the Mid-Atlantic, Northeastern, Appalachian, and Great Lakes regions of the United States. It borders Delaware to its southeast, Maryland to its south, West Virginia to its southwest, Ohio to its west, Lake Erie and the Canadian province of Ontario to its northwest, New York to its north, and the Delaware River and New Jersey to its east. Pennsylvania is the fifth-most populous state in the nation with over 13 million residents as of 2020. It is the 33rd-largest state by area and ranks ninth among all states in population density. The southeastern Delaware Valley metropolitan area comprises and surrounds Philadelphia, the state's largest and nation's sixth most populous city. Another 2.37 million reside in Greater Pittsburgh in the southwest, centered around Pittsburgh, the state's second-largest and Western Pennsylvania's largest city. The state's su ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Philadelphia
Philadelphia, often called Philly, is the largest city in the Commonwealth of Pennsylvania, the sixth-largest city in the U.S., the second-largest city in both the Northeast megalopolis and Mid-Atlantic regions after New York City. Since 1854, the city has been coextensive with Philadelphia County, the most populous county in Pennsylvania and the urban core of the Delaware Valley, the nation's seventh-largest and one of world's largest metropolitan regions, with 6.245 million residents . The city's population at the 2020 census was 1,603,797, and over 56 million people live within of Philadelphia. Philadelphia was founded in 1682 by William Penn, an English Quaker. The city served as capital of the Pennsylvania Colony during the British colonial era and went on to play a historic and vital role as the central meeting place for the nation's founding fathers whose plans and actions in Philadelphia ultimately inspired the American Revolution and the nation's inde ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wilmington, Delaware
Wilmington ( Lenape: ''Paxahakink /'' ''Pakehakink)'' is the largest city in the U.S. state of Delaware. The city was built on the site of Fort Christina, the first Swedish settlement in North America. It lies at the confluence of the Christina River and Brandywine Creek, near where the Christina flows into the Delaware River. It is the county seat of New Castle County and one of the major cities in the Delaware Valley metropolitan area. Wilmington was named by Proprietor Thomas Penn after his friend Spencer Compton, Earl of Wilmington, who was prime minister during the reign of George II of Great Britain. At the 2020 census, the city's population was 70,898. The Wilmington Metropolitan Division, comprising New Castle County, Delaware, Cecil County, Maryland and Salem County, New Jersey, had an estimated 2016 population of 719,887. Wilmington is part of the Delaware Valley metropolitan statistical area, which also includes Philadelphia, Reading, Camden, and other urban are ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
California Minimum Franchise Tax
California is a state in the Western United States, located along the Pacific Coast. With nearly 39.2million residents across a total area of approximately , it is the most populous U.S. state and the 3rd largest by area. It is also the most populated subnational entity in North America and the 34th most populous in the world. The Greater Los Angeles area and the San Francisco Bay Area are the nation's second and fifth most populous urban regions respectively, with the former having more than 18.7million residents and the latter having over 9.6million. Sacramento is the state's capital, while Los Angeles is the most populous city in the state and the second most populous city in the country. San Francisco is the second most densely populated major city in the country. Los Angeles County is the country's most populous, while San Bernardino County is the largest county by area in the country. California borders Oregon to the north, Nevada and Arizona to the east, the Mexi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
California
California is a U.S. state, state in the Western United States, located along the West Coast of the United States, Pacific Coast. With nearly 39.2million residents across a total area of approximately , it is the List of states and territories of the United States by population, most populous U.S. state and the List of U.S. states and territories by area, 3rd largest by area. It is also the most populated Administrative division, subnational entity in North America and the 34th most populous in the world. The Greater Los Angeles area and the San Francisco Bay Area are the nation's second and fifth most populous Statistical area (United States), urban regions respectively, with the former having more than 18.7million residents and the latter having over 9.6million. Sacramento, California, Sacramento is the state's capital, while Los Angeles is the List of largest California cities by population, most populous city in the state and the List of United States cities by population, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Health Savings Accounts
A health savings account (HSA) is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a high-deductible health plan (HDHP). The funds contributed to an account are not subject to federal income tax at the time of deposit. Unlike a flexible spending account (FSA), HSA funds roll over and accumulate year to year if they are not spent. HSAs are owned by the individual, which differentiates them from company-owned Health Reimbursement Arrangements (HRA) that are an alternate tax-deductible source of funds paired with either high-deductible health plans or standard health plans. HSA funds may be used to pay for qualified medical expenses at any time without federal tax liability or penalty. Beginning in early 2011 over-the-counter medications could not be paid with an HSA without a doctor's prescription, although that requirement was lifted as of January 1, 2020. Withdrawals for non-medical expenses are treated very similarly to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Form W-2
Form W-2 (officially, the "Wage and Tax Statement") is an Internal Revenue Service (IRS) tax form used in the United States to report wages paid to employees and the taxes withheld from them. Employers must complete a Form W-2 for each employee to whom they pay a salary, wage, or other compensation as part of the employment relationship. An employer must mail out the Form W-2 to employees on or before January 31. This deadline gives these taxpayers about 2 months to prepare their returns before the April 15 income tax due date. The form is also used to report FICA taxes to the Social Security Administration. The Form W-2, along with Form W-3, generally must be filed by the employer with the Social Security Administration by the end of February. Relevant amounts on Form W-2 are reported by the Social Security Administration to the Internal Revenue Service. In territories, the W-2 is issued with a two letter code indicating which territory, such as W-2GU for Guam. If corrections ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Recovery And Reinvestment Act Of 2009
The American Recovery and Reinvestment Act of 2009 (ARRA) (), nicknamed the Recovery Act, was a stimulus package enacted by the 111th U.S. Congress and signed into law by President Barack Obama in February 2009. Developed in response to the Great Recession, the primary objective of this federal statute was to save existing jobs and create new ones as soon as possible. Other objectives were to provide temporary relief programs for those most affected by the recession and invest in infrastructure, education, health, and renewable energy. The approximate cost of the economic stimulus package was estimated to be $787 billion at the time of passage, later revised to $831 billion between 2009 and 2019. The ARRA's rationale was based on the Keynesian economic theory that, during recessions, the government should offset the decrease in private spending with an increase in public spending in order to save jobs and stop further economic deterioration. The politics around the stimulus w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Appreciated Asset
Appreciation may refer to: ;Financial * Capital appreciation * Currency appreciation and depreciation ;other * Gratitude * Art criticism See also * Depreciation {{disambig cs:Apreciace pt:Reavaliação fi:Arvonlisäys sv:Appreciering X appreciates Doc more :] ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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