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A business corporation will only file a separate Form 355 or 355S to calculate its non-income measure of excise tax, if its year ends at a different time than the common year used to determine the combined groups income.
A business corporation will only file a separate Form 355 or 355S to calculate its non-income measure of excise tax, if its year ends at a different time than the common year used to determine the combined groups income.
An S corporation financial institution is taxed at 9.0% on any income that is taxable at the federal level. An S corporation financial institution with gross receipts that are $6 million or more but less than $9 million is subject to the corporate excise at a rate of 2.67% on net income subject to tax.
The state income tax is charged at a flat rate of 5%, and the sales tax is charged at a rate of 6.25%.
Massachusetts Form 355 Excise Tax includes a tax of $2.60 per $1,000 on taxable Massachusetts tangible property or taxable net worth, whichever applies, and a tax of 8.0% on income attributable to Massachusetts. If the return is for a short year: Go to General Basic Data.

People also ask

Massachusetts LLCs taxed as S-corp S-corps are taxed as pass-through entities and dont have to pay corporate taxes. Additionally, S-corp owners dont need to pay the 15.3% self-employment tax on any distributions they receive from the business.
What Is the 4% Surtax? Starting with tax year 2023, personal income taxpayers must pay an additional 4% (4% surtax) on taxable income over $1,000,000, increased annually for inflation (surtax threshold).
For tax year 2022, Massachusetts has a 5.0% tax on both earned (salaries, wages, tips, commissions) and unearned (interest, dividends, and capital gains) income.

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