Federal Taxes (IRS)

The form of business you operate determines what federal taxes you must pay and how you pay them. The following are the five general types of business taxes.

More information at: https://www.irs.gov/businesses/small-businesses-self-employed/business-taxes

State and City Taxes

Corporations, partnerships, joint ventures, common trust funds, associations and LLCs are subject to taxes by state and local municipalities.

An organization doing business in more than one state must apportion its taxable income to any states in which the corporation is doing business.

Sales Taxes

Sales taxes can be levied by the state and local municipalities. Rates and submittal processes vary.

Payroll Taxes

For all W2 employees, employers must withhold and remit to the IRS and state revenue agencies, estimated taxes for income (federal, state and local), social security and medicare.