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Fort Worth Texas online Form Instructions 1120-S: What You Should Know

Income Tax (FTE) on Personal Income (EIT) Income Tax on business expenses (DEBT) Tax paid on net earnings (DEBT/EIT) Form W-2 Form Wage and Tax Statement Form 1040, Annual Tax Return (Form 1040) Form 1040A, Annual Tax Return With Earnings Schedule for Businesses (Form 1040A) Form 1040Ez, Annual Information Return for Certain Businesses (Form 1040EZ) Form 1040 Taxpayer Refund Statement Form 1116 Amended U.S. Individual Income Tax Return (Form 8809) Income Tax on Personal Income (EIT) : These are the taxes you're obligated to pay when you have income from working. However, there are several types of income that fall under this category. Income from work is not the same as income generated from the production of goods and/or services, and some kinds of work aren't subject to income tax at all. In order to pay EIT, you must make certain contributions toward that total. Contributions include: A T4 slip, Form T4V (formerly called a “W-4”) or Form T4-EZ; A withholding exemption certificate, Form WED-12 (also called an “I-9” for non-U.S. nationals); An amount equal to one-half of your EIT plus a fee; and An amount equal to three percent of your EIT for each pay period you're allowed to deduct. Income Tax on business expenses (DEBT) : These are the taxes you're obligated to pay when you have costs or expenses related to your business. However, there are other types of costs and expenses that don't include income related to working. In order to pay DEBT, you have to pay a fixed percentage of your cost of goods sold and/or your cost of services purchased. Income tax on net earnings (EIT) : This taxes the amount of money that is left after the corporation has paid or deducted EIT. The amount of EIT paid or left after the EIT is paid is called the “net earnings”. Generally, you pay EIT by deducting EIT from other income. However, when you pay EIT to your shareholders or employees through any payroll deduction, the deduction is made in the corporation's income.

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