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2007 Tax Rates: Corporations
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CORPORATIONS:
| If your taxable income is: |
Then your tax is: |
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$0 - $50,000 |
15% |
| $50,000 - $75,000 |
$7,500 + 25% |
| $75,000 - $100,000 |
$13,750 + 34% |
| $100,000 -$335,000 |
$22,250 + 39% |
| $335,000 - $10,000,000 |
$113,900 + 34% |
| $10,000,000- $15,000,000 |
$3,400,000 + 35% |
| $15,000,000 - $18,333,333 |
$5,150,000 + 38% |
| $18,333,333 + |
35% |
ESTATES AND NON-GRANTOR TRUSTS:
| If your taxable income is: |
Then your tax is: |
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$0 -$2,150 |
15% of the amt. over $0 |
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$2,150 - $5,000 |
$322.50 + 25% of the amt. over $2,000 |
$5,000 - $7,650 |
$1,035 + 28% of the amt. over $5,000 |
$7,650 - $10,450 |
$1,777 + 33% of the amount over $7,650 |
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$10,450 + |
$2,764 + 35% of the amt. over $10,700 |
Qualified Personal Service Corporations. The corporate graduated rates do not apply to qualified personal service corporations. Such corporations are instead taxed at a flat rate of 35 percent of taxable income. Qualified personal service corporations perform services in the fields of health, law, engineering, architecture, accounting (including the preparation of tax returns), actuarial science, the performing arts, or consulting. Substantially all of the stock of a personal service corporation is held by employees, retired employees, or their estates.
Foreign Corporations. Foreign corporations are taxed at regular U.S. corporate rates on most income that is effectively connected with a U.S. trade or business and at a flat 30-percent rate on U.S.-source fixed or determinable income that is not effectively connected. Tax treaties between the U.S. and foreign countries may provide for lower rates or exemptions from taxation.
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