Get NYC DoF ATT-S-CORP 2022-2024

For S-corporations, the FDM tax is based on the corporation's New York State receipts and is as follows: $25 – Receipts not exceeding $100,000. $50 – Receipts exceeding $100,000 but not more than $250,000. $175 – Receipts exceeding $250,000 but not more than $500,000.

Please note that New York City does not have an S corporation election and does not recognize a New York State S corporation election. In general, federal subchapter S corporations and qualified subchapter S subsidiaries are subject to the GCT.

Federal S corporations that aren't qualified or don't make a New York S election pay the same corporate franchise taxes as C corporations. Tax credits are applied against the corporation's tax liability and do not flow-through to shareholders.

The S corp income tax rate refers to the federal, state, and local individual income taxes that S corporations are required to pay. Owners of S corporations need to pay 0 to 13.3 percent state and local income taxes and a top marginal rate of 39.6 percent for federal personal income taxes.

Entire net income base — 8.85 percent of entire net income. Total capital base — 0.15 percent of business and investment capital. There are numerous variables to consider with this method.

Entire net income base — 8.85 percent of entire net income. Total capital base — 0.15 percent of business and investment capital. There are numerous variables to consider with this method.

A business can register as an "S corporation" for filing New York State taxes. The filing allows individual shareholders to report corporate income on their own tax returns. All shareholders must agree to file. Businesses must also be registered as a S corporation with the federal government.