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. Am I right in concluding that the $800 minimum (when divided by 1.5%) covers the first $53,333 in net income?
If so, then anything over $53,333 gradually increases the liability above $800 by 1.5%; correct?
Thanks!
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Yes, you are correct, the $800 is the minimum tax on income if the percentage times the net income (on Form 100S California S Corporation Franchise or Income Tax) is more than $800, you pay the greater amount.
Yes, you are correct, the $800 is the minimum tax on income if the percentage times the net income (on Form 100S California S Corporation Franchise or Income Tax) is more than $800, you pay the greater amount.
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