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Although some municipalities (listed in the chart below) have had the Financially Distressed designation removed, most cannot afford to lose the benefits Act 47 provides. [2] The benefits include revenue from the nonresident wage tax available only to cities with Act 47 status. [2]
If an organization is to qualify for tax exempt status, the organization's (a) charter — if a not-for-profit corporation — or (b) trust instrument — if a trust — or (c) articles of association — if an association — must specify that no part of its assets shall benefit any people who are members, directors, officers or agents (its principals).
For example, the fee for incorporating any non-stock or incorporating a stock corporation up to a small number of shares, say 40,000 might be $200, but a year later, at renewal, the renewal fee for a non-stock corporation would be $50, while the stock corporation would have a renewal fee of $50 plus a stock fee of perhaps another $200 or so.
The states do not allow a tax deduction for income taxes, whether federal or state. Further, most states deny tax exemption for interest income that is tax exempt at the federal level. CIT rates range from 1% to 12%, varying for every state. The most common federal taxable income is based on apportionment formulae.
Such tax is generally based on business income of the corporation apportioned to the state plus nonbusiness income only of resident corporations. Most state corporate income taxes are imposed at a flat rate and have a minimum amount of tax. Business taxable income in most states is defined, at least in part, by reference to federal taxable income.
Two states have minimum wages below that number, and five don’t have a minimum wage. Wolf continuously has pushed to raise the Keystone State’s minimum wage to $12 an hour and eliminate the $2 ...
These contributions are tax-deductible, meaning they reduce your taxable income for the year in which you make the contribution. For example, if you contribute $5,000 to a traditional IRA, you can ...
The creation of public benefit is in the best interests of the benefit corporation. Accountability. Directors' duties are to make decisions in the best interests of the corporation; Directors and officers shall consider effect of decisions on shareholders and employees, suppliers, customers, community, environment (together the "stakeholders")