• Denise Hue

Business Tax Rates - 2019

C Corporation Tax Rate

The Tax Cuts and Jobs Act of 2017 changed the top corporate tax rate from 35% to one flat rate of 21%. This rate will be effective for corporations whose tax year begins after January 1, 2018, and it is a permanent change.


Self-Employment Tax For Sole Proprietors

On Schedule SE for 2019, self-employment tax of 15.3% applies to earnings of up to $132,900. The 15.3% rate equals 12.4% for Social Security (6.2% employee share and 6.2% employer share) plus 2.9% for Medicare. If net earnings exceed $132,900, the 2.9% Medicare rate applies to the entire amount. One half of the self-employment tax may be claimed as an above-the-line deduction on Schedule 1 of Form 1040 (as an adjustment to gross income).

3 views0 comments

Recent Posts

See All

New Employer Credit for Paid Family and Medical Leave

This general business credit is a percentage of the amount of wages paid to a qualifying employee while on family and medical leave for up to 12 weeks per taxable year. The credit is generally effecti

Club Dues and Membership Fees Still Nondeductible

The Tax Cuts and Jobs Act does not change the prior law rule disallowing a deduction for dues or membership fees for country clubs, golf and athletic clubs, airline clubs, hotel clubs, business lunche