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United States - TAXES ACCOUNTING |
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Corporate tax
Tax rate for resident companies |
The levy of companies is made at federal, state and municipal level. The rate of the federal tax varies according to the amount of the taxable income of companies:
0$ - 50.000$: 15%
50.000$ - 75.000$: 7.500$ + 25% of excess
75.000$ - 100.000$: 13.750$ + 34% of excess
100.000$ - 335.000$: 22.250$ + 39% of excess
335.000$ - 10.000.000$: 113.900$ + 34% of excess
10.000.000$ - 15.000.000$: 3.400.000$ + 35% of excess
15.000.000$ - 18.333.333$: 5.150.000$ + 38% of excess
Beyond 18.333.333$: 35%.
Taxes levied by States and municipalities vary (approximately between 0% and 12%) according to the place of residence of the company and should be calculated with each of the fiscal administrations of States.
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Taxe rate on long-term capital gains |
Capital gains are taxed in the United States at a the same rate as corporation rate.
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System governing groups of companies and dividends paid by subsidiaries to their parent companies |
When an investor holds less than 10% of the stock capital of a company and that the dividends are paid by the company, withholding is withdrawn at source at a rate of 15%. When an investor holds at least 10% of the voting rights in a company and such company pays dividends, withholding is withdrawn at source at a rate of 5% (only for stock capital companies).
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Tax rate on branches |
Branches are taxed for Corporate Tax in the same way as any other companies.
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Income tax
Fiscal year |
The Financial year begins on January 1 and ends on December 31 of the same year.
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Income tax rate |
It is calculated according to different scales depending on the family status (married couples under a joint system, married couples under a separate assets system, single and head of the family), limited to four rates, 15%, 25%, 28% and 33%. High incomes are subjected to an additional tax resulting in a rate of 35%.
Individual Tax Schedule 2005:
| If taxable income is over-- | But not over-- | The tax is: | | $0 | $7,300 | 10% | | $7,300 | $29,700 | $730 plus 15% of the amount over 7,300 | | $29,700 | $71,950 | $4,090.00 plus 25% of the amount over 29,700 | | $71,950 | $150,150 | $14,652.50 plus 28% of the amount over 71,950 | | $150,150 | $326,450 | $36,548.50 plus 33% of the amount over 150,150 | | $326,450 | no limit | $94,727.50 plus 35% of the amount over 326,450 |
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Tax deductions or
other allowances |
Tax deductions depend on the place of residence; in other words, they depend on the State of residence.
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VAT rates
Standard rates |
There is no VAT in the United States. However, most of the states charge a tax on the turnover (Sales Tax) which applies to sales of goods to be consumed and delivered in the state, or a tax on services (4% in the state of New York).
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Reduced rates |
No
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Other important taxes
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Name of tax |
Rate |
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Inheritance and donations
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18% to 55%
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Importation duties
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0.7% of the value of the imported goods
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Accounting
Introduction
In the United States, accounting law is mainly customary law. Each State has its own Corporate law, but very few have their own accounting rules.
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Obligations and publications
According to the S-X rule emitted by the SEC, all companies which make a public appeal for saving have to present annually to the SEC an information file called "10 K" for the American companies and "20 F" for the foreign companies.
Companies quoted in the Stock Exchange have to satisfy their requirements, the most binding is the NYSE (New York Stock Exchange), which asks for the annual publication of audited financial statements.
Financial status must contain at least : a variation table of constant capital out of stock account and new extension, a cash flow table, appendices. For companies which call for saving, the financial audited status include : a balance with a comparative degree over two years, a profit and loss account with comparative degree over three years, appendices including a variation table of constant capital over three years and the report of the auditors.
Certification and auditing
In most of the States, Corporate law do not require the deposit of financial documents in the trade register regularly, or, either , certification by independent auditors.
Professionals and representative organizations
The main trade organizations of the American accounting doctrine are : the.
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Useful links |
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For futher informations, please contact the IRS (Internal Revenue Service).
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Last modified in
January 2003
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