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What taxes do LLC pay?

An LLC is typically treated as a pass-through entity for federal income tax purposes. This means that the LLC itself doesnt pay taxes on business income. The members of the LLC pay taxes on their share of the LLCs profits. State or local governments might levy additional LLC taxes.

What is Ky occupational license tax?

What is the tax rate for the Occupational License Tax? The current tax rate for Occupational Taxes totals 2.2% (. 0220) for resident individuals, sole- proprietors, partnerships, corporations, etc. The tax rate for non-resident individuals is 1.45% (. 0145).

Are there local taxes in Kentucky?

Kentucky has a 6.00 percent state sales tax rate and does not levy any local sales taxes. Kentuckys tax system ranks 18th overall on our 2022 State Business Tax Climate Index.

How much does it cost to get a business license in Kentucky?

Initial Kentucky LLC Fees State FeeState Filing TimeExpedited Filing Time$403 Weeks2 Business DaysState Fee$40State Filing Time3 WeeksExpedited Filing Time2 Business Days

Do you have to pay local taxes where you work or live?

Local income tax might be withheld on wages you earn inside city, county, and school district boundaries. If you live or work in an area that levies a tax, your wages will be taxed by that jurisdiction.

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