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What is Corporate Tax?
Corporate taxes are levied on corporations. Depending on what kind of corporation you have formed, you will pay a different kind of tax. If you have not already obtained an EIN, you can read more about forming your company here. The IRS states that there are five general types of business taxes. These five general types of business taxes are Income, Estimated, Self-Employment, Employment, and Excise. America Tax & Accounting, located in Miami Gardens/Hialeah area, will work endlessly to make sure your corporation abides by the correct tax laws for its category.
Processing your Corporate Taxes
Corporate taxes can be withheld from employees' paychecks or you can also send in federal tax payments along with the social security payments through scheduled timely forms. These forms are Form 941, Form 943, Form 944 or form 945. There are certain restrictions to filing using these forms.
If you need to pay taxes on a quarterly basis, using Form 941, you will file taxes withheld from employees' paychecks and the corporate's employer's share of social security and Medicare taxes quarterly. There also exists different schedules for Form 941 (Schedule B, D) which pertain to different earnings ranges & discrepancies.
Form 943 is used when your business is paying wages to one or more Agricultural Employee. Form 944 is used for small employers whose withheld income tax is $1,000 or less, for the purpose of only filing the federal tax return once a year. Finally, we have Form 944 which is used to file withheld federal income tax annually for non-payroll payments. Examples of non-payroll payments include pensions, military retirement, gambling winnings, and more.
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Report your Corporate Tax
If you're located in the Miami Gardens or Hialeah area, feel free to stop by our office location to start our Corporate Tax program today. We serve clients internationally over the phone and virtual meetings.
There are a lot of details which cannot be entered incorrectly into your corporate tax filing. Incorrect details mean paying more than you should for filing your corporate tax and running into the possibility of misfiling which will lead to penalties from the IRS.
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