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  • Shareholder's Share Of South Carolina Income ... - Sctax

Get Shareholder's Share Of South Carolina Income ... - Sctax

1350 STATE OF SOUTH CAROLINA DEPARTMENT OF REVENUE SHAREHOLDER'S SHARE OF SOUTH CAROLINA INCOME, DEDUCTIONS, CREDITS, ETC. For calendar year Shareholder's identifying number Shareholder's name, address.

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Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates. This allows S corporations to avoid double taxation on the corporate income.

Requirement to Make Withholding Payments SC Code Section 12-8-590 requires an S Corporation or Partnership to withhold taxes at the rate of 5% on each nonresident shareholder's or partner's share of South Carolina taxable income.

If a shareholder receives a non-dividend distribution from an S corporation, the distribution is tax-free to the extent it does not exceed the shareholder's stock basis. Debt basis is not considered when determining the taxability of a distribution.

This means qualifying dividends are taxed at 0% for those in the 10% and 15% tax brackets, 15% for taxpayers in the 25% through the 35% brackets and 20% for taxpayers whose tax bracket is 39.6%.

Because of pass-through taxation, the S corporation doesn't pay federal income tax on its business income the way a C corporation does. Instead, business income, deductions, losses, and other tax items flow through (or pass through) to the business owners (e.g., the shareholders).

An S corp offers business owners three ways for paying themselves: distributions, salary, or a combo of both. Choosing which option is best has a lot to do with how you contribute to the company and how well the business does financially.

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© Copyright 1997-2025
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
Content Takedown Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232