Documente Academic
Documente Profesional
Documente Cultură
Gross-receipts tax.
Corporate franchise tax.
Employment withholding tax.
Excise tax.
Value-added tax (VAT).
In some industries, such as mining and insurance, companies will need to pay additional
taxes. While businesses pay income tax, property tax, and sales tax, these taxes are not
specific to business and are thus not generally considered business taxes. The reality of
economic impact is that all taxes are "people taxes," as they impact people on a
personal level.
Tax Liability
As a small business owner, you need to manage many different expenses, including
your business' taxes. Several aspects of your company will require taxation, as enforced
by the government. The amount of money you owe to federal, state, and local tax
authorities is your tax liability. Tax money will be used by the government to fund
administration and social programs.
As tax liability is a legally binding debt, you are required to pay the taxes you owe or you
may face government penalties. Tax liability is a short-term liability, which means that
you must pay it within a year. Short-term liabilities, such as tax liability, may be recorded
together in your accounting workbook or balance sheet.
Any transaction that has a tax consequence is called a "taxable event". The government
has the authority to determine which events are taxable. Any time a taxable event takes
place at your business, you'll need to pay the associated tax authority. Taxable income,
issuing payroll, and making sales are all taxable events. Different taxable events will
require different amounts of tax liability, which are calculated as a percentage of the total
event.
Selling a product is a taxable event for which the government may charge you sales tax.
Instead of paying sales tax out of your own pocket, you can include the amount in the
total price that you charge a customer. After you collect sales tax, you'll need to report it
and send it to the appropriate government agencies. You can pay sales tax on a regular
basis (quarterly or monthly). Earning income is another taxable event. Federal and state
income tax liability is based on a percentage of your earned income.