Personal Service Corporation Tax Rate 2020

Personal Service Corporation Tax Rate 2020. 9% effective january 1, 2019; The top marginal income tax rate of 37 percent will hit taxpayers with taxable income of $518,400 and higher for single filers and $622,050 and higher for married couples.

This measure sets the corporation tax main rate at 19% for the financial year beginning 1 april 2020. Several states implemented corporate income tax rate changes over the past year, among other revisions and reforms. Generally, a closely held corporation is a corporation that:

Changes in corporate tax law.

Personal service corporations are taxed by multiplying taxable income by 21%. Notable changes for 2020 include: Accumulated earnings tax 20% of accumulated taxable income (in addition to regular corporate income tax). 10% effective january 1, 2018;