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Corporate income tax as a share of GDP, 1946–2009. Corporate income tax is imposed at the federal level [2] on all entities treated as corporations (see Entity classification below), and by 47 states and the District of Columbia.
Rather, different types of businesses are taxed at different rates, depending upon their classification by the Washington State Legislature and the Washington State Department of Revenue. [3] [4] Service industry businesses have the heaviest tax burden, with a tax rate of 1.5%, more than triple the other major classifications.
For United States income tax purposes, a business entity may elect to be treated either as a corporation or as other than a corporation. [1] This entity classification election is made by filing Internal Revenue Service Form 8832. Absent filing the form, a default classification applies.
Line 3: Select the federal tax classification for your business. The classifications include business structures such as individual/sole proprietor, C corporation, S corporation, partnership ...
The Employer Identification Number (EIN), also known as the Federal Employer Identification Number (FEIN) or the Federal Tax Identification Number (FTIN), is a unique nine-digit number assigned by the Internal Revenue Service (IRS) to business entities operating in the United States for the purposes of identification.
An S corporation is not subject to income tax; rather, its shareholders are subject to tax on their pro rata shares of income based on their shareholdings. [2] To qualify to make the S corporation election, the corporation's shares must be held by residents, citizens or certain qualifying trusts.
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