Get Ky 62a850 2022-2025

LLCs taxed as C-corp Corporations and LLCs with C-corp status are, in a way, taxed twice. Your LLC won't pay the self-employment tax, but you will need to pay the 21% federal corporate tax rate and the Kentucky corporate tax rate of 5%.

Tax-exempt customers Some customers are exempt from paying sales tax under Kentucky law. Examples include government agencies, some nonprofit organizations, and merchants purchasing goods for resale. Sellers are required to collect a valid exemption or resale certificate from buyers to validate each exempt transaction.

The state of Kentucky (KY) has a statewide sales tax rate of 6%.

Kentucky taxpayers that file and pay their sales tax in Kentucky on time, (before or by their filing frequency due date), can collect a vendor's compensation of 1.75% of the first $1,000 tax due, and 1.5% of any amount over $1,000.

Tax-exempt goods Some goods are exempt from sales tax under Kentucky law. Examples include groceries, prescription drugs, and some manufacturing equipment.

The aggregate method is used if your bonus is on the same check as your regular paycheck. Your employer will withhold tax from your bonus plus your regular earnings ing to your W-4 answers. Your bonus will be taxed the same as your regular pay, including income taxes, Medicare, and Social Security.

Returns filed after the due date will be assessed by the Kentucky Department of Revenue, Omitted Personal Property Branch. Returns filed after May 15th should be mailed to Kentucky Department of Revenue, Omitted Tangible Branch, 501 High Street, Station 32, Frankfort, KY 40601.

Tangible personal property is physical property, usually movable, that has value and utility in and of itself (examples: trade tools, fixtures, office equipment, inventory).