What is the tax rate for corporations?

In Washington, the tax rate for corporations is calculated based on the amount of the company’s taxable income. The tax rate starts at 0.48% for any taxable income up to $25,000. For taxable income between $25,000 and $250,000, the rate is 1.5% plus an additional 0.7% for each additional $1,000, up to a maximum of 3.5%. For taxable income over $250,000, the rate increases to a flat rate of 3.9%. The taxes are due on the last day of the company’s fiscal year, which is usually the same as the company’s calendar year. Additionally, companies must pay an annual fee of $20 per $1,000 of taxable income. The state of Washington also requires corporations to file an annual report, which is due on the calendar year end date for their fiscal year. The annual report must include the company’s name, its date of incorporation, the type of business it conducts, the location of its principal office, the names of its officers and directors, and a copy of its most recent set of financial statements. Failure to pay the taxes and submit the annual report on time can lead to penalties and fines, including the potential for having the company’s corporate charter revoked. It is important for all businesses to familiarize themselves with the Washington State tax laws in order to ensure that they are in compliance with the laws and regulations.

Related FAQs

Are any types of investment income non-taxable?
What is the Alternative Minimum Tax?
What records do I need to keep to prove my deductions?
What is the capital gains tax?
What is the Inheritance Tax?
What is the child tax credit?
Are there any tax credits available for renewable energy investments?
What is the gift tax?
Are there any tax deductions for childcare expenses?
How do I file taxes if I live in multiple states?

What is the tax rate for corporations?

Related FAQs

Related Blog Posts