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Form 1040 (PR) online Chattanooga Tennessee: What You Should Know
Businesses — TN.gov Many agencies, including the Tennessee Department of Revenue, allow businesses to electronically file tax returns by uploading their Form 8-K, Articles of Organization. Filing Taxes Tennessee tax forms and publications can be found by searching Tennessee tax guides. Payroll Expense Reporting: The Department of Revenue has developed the Tennessee Form 2-15, Employer Identification Number (EIN) or Social Security Number for Businesses. This is necessary to maintain the tax information for business income and payroll information, and allows employers to report an employee's income tax withholding that do not exceed the actual withholding on that employee's paychecks. Income Tax is the main source of revenue for the Tennessee Department of Revenue. Tennessee's residents must pay income tax on their taxable income whether the income or earnings are earned in Tennessee. Employees must pay income tax on their income and taxable wages (including tips) that they receive from their employer. Non-taxable wages are wages other than wages subject to state income tax, such as commissions, income from sources other than employment (such as business ownership, farm ownership, and so forth), unemployment compensation, and amounts received in return for the return of property. There are two types of Tennessee income tax: Individual income tax : This tax is assessed on all income earned by individuals, regardless of the source of that income. Employers are required to withhold tax from wages earned by their employees unless those wages are subject to federal income tax withholding. Corporate income tax : This tax applies to the income of corporations that pay all or a portion of their earnings to a Tennessee resident. Corporations with Tennessee resident shareholders pay individual income tax on the corporation's worldwide income regardless of where the corporation is incorporated, whether it is incorporated in Tennessee or other state, or whether it is conducting business within the state or outside it. Tennessee state residents are taxed on earnings from their corporations, and all Tennesseans pay corporate income tax on the earnings and distributions that they receive from other Tennessee residents. Tipped Employees: Tipped employees are those individuals who receive wages that exceed 2,500 (in 2017) for each pay period or earn tips greater than 30 in any calendar year (tipped workers must be paid all the actual wages for each paycheck, not tips). Tipped employees also include employees whose tips are subject to federal withholding. Taxpayers are required to file and pay a combined Tennessee income tax with federal income tax.
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