What are the taxation requirements for corporations?

In Florida, corporations are subject to state and federal taxation. State taxes are imposed by the Florida Department of Revenue (DOR) and consist of a corporate income tax, an annual corporate filing fee, and a sales and use tax. The corporate income tax is imposed on all taxable income earned by corporations in Florida. The rate of tax is based on the amount of taxable income. This rate varies from 5.5% for the first $5,000 of taxable income up to the maximum rate of 5.5% on taxable income exceeding $5 million. The annual corporate filing fee is imposed on corporations for the privilege of doing business in the state and is computed based on the number of shares of corporate stock. This fee is $150 plus $5 for each additional authorized share of corporate stock. Lastly, in Florida, corporations must register for the sales and use tax with the DOR. Sales and use tax is a tax imposed on the sale, lease, or rental of tangible personal property or certain services. The general sales and use tax rate is 6%, which is imposed on the sale of tangible personal property or certain services that are subject to the tax. In summary, corporations in Florida are subject to the corporate income tax, the annual corporate filing fee, and the sales and use tax for the privilege of doing business in the state.

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What are the taxation requirements for corporations?

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