We all know that all profit-making buying cialis without prescription business entities need to pay taxes. What most people do not know is what type they are supposed to pay. If you are operating a legitimate business, you need to be aware of all the taxes that you will be held accountable for. After all you can never plead that you were ignorant and expect the IRS to believe you.

Here are four main business taxes that you will need to pay depending on the type of business that you are operating:

Employment Tax (Pay As You Earn )

The employment tax, also known as the pay as you earn tax (P.A.Y.E,) is the tax liability accrued by a person on the basis that the particular person is employed. Though the person who bears it is the employee, the person who actually forwards the money to the government is the employer.

Therefore, it is important to note that if you are running a business and you have employed certain individuals to work for you, it is your duty to calculate the tax liability based on the income of the employee, and also to submit this to the relevant authorities.

Corporate Brand Viagra Tax

This is the amount of tax that you are required to pay as a business entity. A company is a separate legal entity from its owners, and it has the ability to earn income. The tax that you will pay as a company, are separate from what you will pay from your income tax based on the dividends received or the capital gains.

Unlike personal income taxes which are meant to redistribute income and create equity, many corporate are proportional. The company pays its dues based on a certain percentage.

Self-Employment Tax

Of course, one does not need to have a company or be part of a partnership to run a business.

One is allowed to run a business under his or her own name. This is where self employment tax comes in. It is paid by those people who work for themselves.

However, not everyone who works for himself or herself is required to incur this liability. For you to qualify to pay these taxes, your net income must exceed $400 as a self employed person. On the other hand, if you are working for a church or qualified faith-based organization that chose to be exempted from Medicare taxes and Social Security, your income from the organization must be more than $108 in wages.

Excise Duty

These are taxes that you will be required to pay if at all you are operating certain business which involves activities that the government would like to curtail. For example, if you operate certain businesses such as gambling, manufacture cigarettes, or use certain materials such toxic raw materials, you may be require to pay excise duties.

Whether you or someone else will bear the burden it is always important to make sure you cover your back well by making sure that the responsibilities that you are in charge of are fully taken care of.

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Category: Finance/Taxes
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