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S corporation

Index S corporation

An S corporation, for United States federal income tax purposes, is a closely held corporation (or, in some cases, a limited liability company (LLC) or a partnership) that makes a valid election to be taxed under Subchapter S of Chapter 1 of the Internal Revenue Code. [1]

24 relations: American Recovery and Reinvestment Act of 2009, C corporation, California, Community property, Corporate tax in the United States, Corporation, Dividends received deduction, Federal Insurance Contributions Act tax, Form W-2, Health savings account, Income tax in the United States, Internal Revenue Code, Internal Revenue Service, IRS tax forms, Limited liability company, Lineal descendant, Partnership taxation in the United States, Pennsylvania, Philadelphia, Privately held company, Pro rata, Social Security Wage Base, Wilmington, Delaware, 501(c) organization.

American Recovery and Reinvestment Act of 2009

The American Recovery and Reinvestment Act of 2009 (ARRA), nicknamed the Recovery Act, was a stimulus package enacted by the 111th U.S. Congress and signed into law by President Barack Obama in February 2009.

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C corporation

A C corporation, under United States federal income tax law, refers to any corporation that is taxed separately from its owners.

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California

California is a state in the Pacific Region of the United States.

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Community property

Community property is a marital property regime under which most property acquired during the marriage (except for gifts or inheritances), the community, or communio bonorum, is owned jointly by both spouses and is divided upon divorce, annulment, or death.

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Corporate tax in the United States

Corporate tax is imposed in the United States at the federal, most state, and some local levels on the income of entities treated for tax purposes as corporations.

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Corporation

A corporation is a company or group of people or an organisation authorized to act as a single entity (legally a person) and recognized as such in law.

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Dividends received deduction

The dividends-received deduction (or "DRD"), under U.S. federal income tax law, is a tax deduction received by a corporation on the dividends it receives by other corporations in which it has an ownership stake.

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Federal Insurance Contributions Act tax

The Federal Insurance Contributions Act (FICA) is a United States federal payroll (or employment) contribution directed towards both employees and employers to fund Social Security and Medicare—federal programs that provide benefits for retirees, disabled people, and children of deceased workers.

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Form W-2

Form W-2 (officially, the "Wage and Tax Statement") is an Internal Revenue Service (IRS) tax form used in the United States to report wages paid to employees and the taxes withheld from them.

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Health savings account

A health savings account (HSA) is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a high-deductible health plan (HDHP).

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Income tax in the United States

Income taxes in the United States are imposed by the federal, most state, and many local governments.

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Internal Revenue Code

The Internal Revenue Code (IRC), formally the Internal Revenue Code of 1986, is the domestic portion of federal statutory tax law in the United States, published in various volumes of the United States Statutes at Large, and separately as Title 26 of the United States Code (USC).

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Internal Revenue Service

The Internal Revenue Service (IRS) is the revenue service of the United States federal government.

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IRS tax forms

Internal Revenue Service (IRS) tax forms are forms used for taxpayers and tax-exempt organizations to report financial information to the Internal Revenue Service of the United States.

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Limited liability company

A limited liability company (LLC) is the United States of America-specific form of a private limited company.

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Lineal descendant

A lineal descendant, in legal usage, is a blood relative in the direct line of descent – the children, grandchildren, great-grandchildren, etc.

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Partnership taxation in the United States

The rules governing partnership taxation, for purposes of the U.S. Federal income tax, are codified according to Subchapter K of Chapter 1 of the U.S. Internal Revenue Code (Title 26 of the United States Code).

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Pennsylvania

Pennsylvania (Pennsylvania German: Pennsylvaani or Pennsilfaani), officially the Commonwealth of Pennsylvania, is a state located in the northeastern and Mid-Atlantic regions of the United States.

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Philadelphia

Philadelphia is the largest city in the U.S. state and Commonwealth of Pennsylvania, and the sixth-most populous U.S. city, with a 2017 census-estimated population of 1,580,863.

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Privately held company

A privately held company, private company, or close corporation is a business company owned either by non-governmental organizations or by a relatively small number of shareholders or company members which does not offer or trade its company stock (shares) to the general public on the stock market exchanges, but rather the company's stock is offered, owned and traded or exchanged privately.

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Pro rata

Pro rata is an adverb or adjective, meaning in proportion.

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Social Security Wage Base

For the Old Age, Survivors and Disability Insurance (OASDI) tax or Social Security tax in the United States, the Social Security Wage Base (SSWB) is the maximum earned gross income or upper threshold on which a wage earner's Social Security tax may be imposed.

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Wilmington, Delaware

Wilmington (Lenape: Paxahakink, Pakehakink) is the most populous city in the U.S. state of Delaware.

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501(c) organization

A 501(c) organization is a nonprofit organization in the federal law of the United States according to and is one of 29 types of nonprofit organizations exempt from some federal income taxes.

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Redirects here:

S Corporation, S corp, S corporations, S-Corporation, S-corp, S-corporation, SCorp, Subchapter S, Subchapter S corporation, Subchapter-S Corporation.

References

[1] https://en.wikipedia.org/wiki/S_corporation

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