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Corporation Schedule of Federal Line Items - Virginia Tax

Corporation Schedule of Federal Line Items - Virginia Tax 2025

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The document is the 2020 Virginia Schedule 500FED, which outlines the required federal line items to be included with the Virginia Corporation Income Tax Return (Form 500). It details various federal taxable income calculations, deductions, and credits that corporations must report, emphasizing that a complete federal Form 1120 must also be enclosed with the Virginia return.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What items are not taxed in the US?

Some items are exempt from sales and use tax, including: Sales of certain food products for human consumption. Sales to the U.S. Government. Sales of prescription medicine and certain medical devices. Sales of items paid for with EBT cards.

What is excluded from federal taxable wages?

Examples of exempt wages include pre-tax contributions to a health or retirement plan, court-imposed wage garnishments, or income earned beyond a certain threshold of Social Security contributions.

What item is not included in federal tax income?

Miscellaneous income disability retirement payments from an employer-paid plan. sickness and injury payments from an employer-paid plan. property and services for which you bartered. money and income from offshore accounts.

What is excluded from income tax?

The income exclusion rule sets aside certain types of income as non-taxable. There are many types of income that qualify under this rule, such as life insurance death benefit proceeds, child support, welfare, and municipal bond income.

What are federal taxes for corporations?

The corporate income tax raised $424.7 billion in fiscal year 2022, accounting for 8.7 percent of total federal receipts and 1.7 percent of GDP. The United States taxes the profits of US resident C-corporations (named after the relevant subchapter of the Internal Revenue Code) at 21 percent.

Which of the following items are types of income for federal taxes?

Generally, you must include in gross income everything you receive in payment for personal services. In addition to wages, salaries, commissions, fees, and tips, this includes other forms of compensation such as fringe benefits and stock options.

What income is not federally taxable?

Examples of items that arent earned income include interest and dividends, pensions and annuities, Social Security and railroad retirement benefits (including disability benefits), alimony and child support, welfare benefits, workers compensation benefits, unemployment compensation (insurance), nontaxable foster care

Does Virginia accept federal extensions for corporations?

You are allowed an automatic 7-month extension for filing your corporation income tax returns, (6-months for nonprofits and entities other than C-corporations,) but there is no extension for payment of taxes due.

Corporation Schedule of Federal Line Items - Virginia Tax 2025

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