6 Entities131 revised Sp11 (2)

6 Entities131 revised Sp11 (2) - BUSINESS ENTITIES Chapter...

Info icon This preview shows pages 1–8. Sign up to view the full content.

View Full Document Right Arrow Icon
BUSINESS ENTITIES Chapter 10 Sole proprietors, partners, Sub S corporation shareholders
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Entities Sole Proprietorships Conduit Entities Partnerships Subchapter S corporations Corporations
Image of page 2
Sole Proprietorships Unincorporated business Aggregated with other income Schedule C on individual tax form Self-employment income
Image of page 3

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
FICA Taxes Social security (up to max base) & medicare (on total earned income) Employees Employer/employee share Self-employment income Partners & sole proprietors Rates 12.4% (maximum base) & 2.9% (on total)
Image of page 4
Partnerships Pass-through entity Partners individually taxed on distributive share of profit or loss, & guaranteed payments
Image of page 5

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Partnerships Partnership Info: Sales100,000 Operating expenses50,000 Interest and dividend income 10,000 John has a 60% profit sharing John’s share of ordinary business income is 30,000; and interest and dividends is 6,000.
Image of page 6
Basis of Partnership Interest Initial basis Increased by - capital contributions share of income Decreased by share of losses distributions
Image of page 7

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 8
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern