topic In California, does the $800 annual tax payment, due in Q1, count toward the 1.5% tax liability for S-Corps? Or, is it in addition to the 1.5% tax rate? in Retirement tax questions https://ttlc.intuit.com/community/retirement/discussion/in-california-does-the-800-annual-tax-payment-due-in-q1-count-toward-the-1-5-tax-liability-for-s/01/651397#M61926 <P>As my California S-Corp grows more profitable, I want to understand how this 1.5% CA tax is assessed, and whether it's on top of the $800 annual minimum. &nbsp;Am I right in concluding that the $800 minimum (when divided by 1.5%) covers the first $53,333 in net income?</P><P>If so, then anything over $53,333 gradually increases the liability above $800 by 1.5%; correct?</P><P>Thanks!</P> Thu, 06 Jun 2019 08:51:25 GMT toddcrab 2019-06-06T08:51:25Z In California, does the $800 annual tax payment, due in Q1, count toward the 1.5% tax liability for S-Corps? Or, is it in addition to the 1.5% tax rate? https://ttlc.intuit.com/community/retirement/discussion/in-california-does-the-800-annual-tax-payment-due-in-q1-count-toward-the-1-5-tax-liability-for-s/01/651397#M61926 <P>As my California S-Corp grows more profitable, I want to understand how this 1.5% CA tax is assessed, and whether it's on top of the $800 annual minimum. &nbsp;Am I right in concluding that the $800 minimum (when divided by 1.5%) covers the first $53,333 in net income?</P><P>If so, then anything over $53,333 gradually increases the liability above $800 by 1.5%; correct?</P><P>Thanks!</P> Thu, 06 Jun 2019 08:51:25 GMT https://ttlc.intuit.com/community/retirement/discussion/in-california-does-the-800-annual-tax-payment-due-in-q1-count-toward-the-1-5-tax-liability-for-s/01/651397#M61926 toddcrab 2019-06-06T08:51:25Z Todd where do I enter the $800 that was paid in TT Busine... https://ttlc.intuit.com/community/retirement/discussion/todd-where-do-i-enter-the-800-that-was-paid-in-tt-busine/01/651401#M61927 Todd where do I enter the $800 that was paid in TT Business as an estimate to avoid a penalty? Thu, 06 Jun 2019 08:51:25 GMT https://ttlc.intuit.com/community/retirement/discussion/todd-where-do-i-enter-the-800-that-was-paid-in-tt-busine/01/651401#M61927 emilylehman1 2019-06-06T08:51:25Z Yes, you are correct, the $800 is the minimum tax on inco... https://ttlc.intuit.com/community/retirement/discussion/yes-you-are-correct-the-800-is-the-minimum-tax-on-inco/01/651410#M61928 <P>Yes, you are correct, the $800 is the minimum tax on income if the percentage times the net income (on Form <B>100S California S Corporation Franchise or Income Tax</B>) is more than $800, you pay the greater amount. &nbsp;</P> Thu, 06 Jun 2019 08:51:27 GMT https://ttlc.intuit.com/community/retirement/discussion/yes-you-are-correct-the-800-is-the-minimum-tax-on-inco/01/651410#M61928 RichardK 2019-06-06T08:51:27Z
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topic In California, does the $800 annual tax payment, due in Q1, count toward the 1.5% tax liability for S-Corps? Or, is it in addition to the 1.5% tax rate? in Retirement tax questions
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<P>As my California S-Corp grows more profitable, I want to understand how this 1.5% CA tax is assessed, and whether it's on top of the $800 annual minimum. &nbsp;Am I right in concluding that the $800 minimum (when divided by 1.5%) covers the first $53,333 in net income?</P><P>If so, then anything over $53,333 gradually increases the liability above $800 by 1.5%; correct?</P><P>Thanks!</P>
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In California, does the $800 annual tax payment, due in Q1, count toward the 1.5% tax liability for S-Corps? Or, is it in addition to the 1.5% tax rate?
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<P>As my California S-Corp grows more profitable, I want to understand how this 1.5% CA tax is assessed, and whether it's on top of the $800 annual minimum. &nbsp;Am I right in concluding that the $800 minimum (when divided by 1.5%) covers the first $53,333 in net income?</P><P>If so, then anything over $53,333 gradually increases the liability above $800 by 1.5%; correct?</P><P>Thanks!</P>
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Todd where do I enter the $800 that was paid in TT Busine...
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Todd where do I enter the $800 that was paid in TT Business as an estimate to avoid a penalty?
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Yes, you are correct, the $800 is the minimum tax on inco...
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<P>Yes, you are correct, the $800 is the minimum tax on income if the percentage times the net income (on Form <B>100S California S Corporation Franchise or Income Tax</B>) is more than $800, you pay the greater amount. &nbsp;</P>
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