or do they tax gross?
2007-04-23 15:05:17 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Ok... what is the rate for federal then?? Thanks!
2007-04-23 18:15:19 · update #1
There is no income tax in Texas...however; corporations and LLC's in Texas are subject to Texas Franchise Tax.
Franchise Tax is due May 15th.
The Franchise Tax is based on the greater of the net taxable capital or net taxable surplus.
I don't know if this is what you are asking about or not, but if you are a Texas LLC, it's still usefull info!
http://www.window.state.tx.us/taxinfo/franchise/index.html
The Texas Comptroller website has all the forms and help for this if you need it.
2007-04-23 18:17:18 · answer #1 · answered by T H 4 · 0⤊ 0⤋
profit or loss from a LLC goes to the partners, that is shown on the tax return of the partner. Since Texas has no state income tax,, the answer to your question,, $zero
2007-04-23 15:10:34 · answer #2 · answered by Jo Blo 6 · 0⤊ 0⤋
TX has no income tax. If you live in TX, you will only pay Federal income tax.
2007-04-23 15:34:17 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋