Federal

State

Business

Federal Income Tax

Ø       Flow through entities:  taxed at individual rates

Ø       C-corps:  corporate tax rate

Ø       Quarterly deposits may be required

 

Excise Tax Return            

Ø       Business & Occupation Tax—paid by business on gross receipts

Ø       Retail Sales Tax—collected by business from end user                 

Ø       Use tax—on goods and services for which sales tax is not collected           

Employment

FEDERAL WITHHOLDING

Ø       Deducted from employee pay

FICA

Ø       6.2% social security tax , 1.45% Medicare tax

Ø       Self-employed individuals pay a self-employment tax which is the equivalent of FICA tax.

FUTA

Ø       The business itself must pay this tax, not deducted from employee’s wages.

Ø       Can receive credit for state unemployment taxes paid.

Unemployment Insurance (SUI)

Ø       Based on wages paid up to limit set by state

 

Labor and Industries (L&I)

Ø       Taxed by the number of hours worked

Ø       Portion can be deducted from employee pay

 

 

 

OTHER STATE TAXES

Aircraft

Brokered Natural Gas

Cigarette

Convention and Trade Center

Enhanced 911 (telephone)

Enhanced Food Fish

Estate

Hazardous Substance

Intermediate Care Facilities (IMR)

King County Food and Beverage

Leasehold

Litter

Motor Vehicle Sales/Use

Oil Spill

Petroleum Products

Public Utility

Real Estate

Refuse (solid waste)

Regional Transit Authority (RTA)

Rental Car

Solid Fuel Burning Device (wood stove)

Special Hotel/Motel

Syrup

Tobacco Products

Transient Rental Income (local hotel/motel)

Watercraft (boats/vessels)        

 

Don’t forget county and city taxes