Resources: Key Facts

 

Axelia Partners
Holidays

There are ten annual U.S. federal holidays designated by the United States Congress:

  • New Year’s day: January 1st
  • Martin Luther King Jr. Day: Third Monday in January
  • President’s Day: Third Monday in February
  • Memorial Day: Last Monday of May
  • Independence Day: July 4th
  • Labor Day: First Monday in September
  • Columbus Day: Second Monday in October
  • Veterans Day: November 11th
  • Thanksgiving Day: Fourth Thursday in November (Friday after Thanksgiving is often a day off.)
  • Christmas Day: December 25th

Note:

  • When a federal holiday falls on a Saturday, it is usually observed on the preceding Friday. When the holiday falls on a Sunday, it is usually observed on the following Monday.
  • Most of the ten U.S. federal holidays are also state holidays, except for Martin Luther King Jr. Day, President’s Day and Columbus Day.
Federal Tax Rates For Corporations
Taxable income Tax base + Rate applied to taxable revenue above…
$0 to $50,000 $0 15% $0
$50,001 to $75,000 $7,500 25% $50,000
$75,001 to$100,000 $13,750 34% $75,000
$100,001 to $335,000 $22,250 39% $100,000
$335,001 to $10,000,000 $113,900 34% $335,000
$10,000,001 to $15,000,000 $3,400,000 35% $10,000,000
$15,000,001 to $18,333,333 $5,150,000 38% $15,000,000
$18,333,334 to $……. $0 35% $18,333,333

Source: I.R.S. Forms http://www.irs.gov

For example: if your taxable profit is $60,000, the tax owed will be $7,500 + [25 % *(60,000 – 50,000)]

Note: You must also take into account state tax rates. U.S. states have full power to assess taxes on their citizens and on activities that occur within their borders (corporate, sales tax, etc.).

 

Main payroll taxes and rates
Example of Salary Taxation and Employer Cost
Employee Gross to Net Calculation Calendar Year Tax rate
Annual Gross Pay  $100,000
Federal Income Tax (19,307) 19.31%
State Income Tax (4,529) 4.53%
Social Security (6,200) 6.20%
Medicare (1,450) 1.45%
Employee Net Pay 68,513  

 

Employer Cost Calendar Year Tax rate
Federal Unemployment 42 0.04%
Social Security 6,200 6.20%
Medicare 1,450 1.45%
State Unemployment 425 0.42%
Employer Taxes 8,117
Total Employer Responsibility  $108,117  

 

Tax deadlines (companies and individuals)

Corporate tax/legal deadlines

Type of Tax Comments Due date
Income Tax for 12/31 fiscal year    
US Federal return and payment Tax rate between 15% and 35% of taxable income 3/15
US Federal return if extension filed 9/15
Federal and State Q2, Q3 and Q4 estimates 6/15, 9/15, 12/15
Information return (Form 5472) – Included with tax return package Report of intercompany transactions with foreign group entities 3/15, 9/15
Payroll  
Payroll quarterly Returns (941/940 forms) Employee/Employer withholding tax reports 1/31, 4/30, 7/31, 10/31
Payroll certificates – W2 form 1/31
Independent Contractors  
1099 forms reporting fees paid to non-employee third parties Information reports only to be sent to vendors 1/31
1096 forms due to the IRS and the state + 1099 forms Information reports only to be sent to IRS and states 2/28
Annual Report    
Annual report Delaware Legal information report to send yearly along with franchise tax 3/1

 

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