Tag Archives: Income

Taxes on Capital Income Are More Than Just the Corporate Income Tax

The United States’ statutory corporate income tax rate is now more aligned with the rates of other nations . However, taxes on capital income, or corporate investment, are more than just the corporate income tax. Shareholder-level taxes, such as those on … Continue reading

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Do Employers in California Have to Report Employee Tip Income on Taxes?

If you operate a restaurant or similar business where it is customary for employees to collect tips, it is important to note whether you have to pay taxes on those tips. Employers that do not accurately report income from tips … Continue reading

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Income Tax Terminology

The income tax is one of the most significant sources of revenue for the federal government. It is also one of the biggest revenue sources for state governments. Here in the State of New York, for instance, income taxes contribute … Continue reading

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Non-resident employees: withhold on worldwide income?

ITA regulation 102 requires employers to withhold tax on remuneration paid to non-resident employees who are employed in Canada. This requirement can be avoided by seeking a treaty-based waiver (regulation 102 waiver) or certification as a qualifying non-resident employer. However, often there … Continue reading

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State Corporate Income Taxes Increase Tax Burden on Corporate Profits

The Tax Cuts and Jobs Act (TCJA) reduced the U.S. federal corporate income tax rate from 35 percent to 21 percent. However, most U.S. states also tax corporate income. These state-level taxes mean the average statutory corporate income tax rate … Continue reading

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