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Small Businesses Do Their Share to Feed Uncle Sam

Small Businesses Do Their Share to Feed Uncle Sam Uncle Sam uses federal income tax revenues to pay for services like health care, defense and infrastructure. Most Americans pay federal income taxes - including small businesses and sole proprietorships. The majority of federal income tax revenues come from three tax sources: $501M (1901) Federal Tax Revenue Where federal tax revenue comes from $2.47T (2012) Corporate Income tax Excise, Estate and Other Taxes* $525M 9% (1901) 8% Federal Tax 2011 |47% Outlays 36% $3.76T (2012) Income Tax Payroll Tax * Other Taxes category includes $83 billion of profits on assets held by the federal Federal Tax Revenues have risen from $501M in 1901 to $2.47T for 2012 (est). This represents an increase of 492,634%. Federal Tax Outlays have risen from $525M in 1901 to $3.76T in 2012 (est). This represents a 716,004% increase. Reserve Small Businesses Pay Their Share Approximately 80% of small businesses are sole proprietorships. They are the most common form of businesses, filing 22.7 million individual tax returns, according to the most recent IRS data. 22.7M RIETORSHIPS 80% TAX Most popular sole proprietorship types before the 2008 recession, and how they fared This tax season-yup, it's already here-they're paying heavily into that $2.47 TRILLION. For small businesses that are sole proprietorships, their business income is lumped together with personal income when paying taxes (the IRS calls this pass-through" taxation). Businesses must submit profit or loss information on Schedule C and attach it to Form 1040. # of businesses 2009 2008 2007 Average amount a sole proprietor paid for salaries and wages in 2009 Professional, scientific, and technical services 3,191,770 3,218,914 3,234,542 Agriculture, forestry, hunting and fishing $4911.96 2,695,843 Mining Construction 2,821,745 $3830.59 Utilities 2,931,110 in thousands $2072.73 Construction $2962.88 2,669,548 Manufacturing Other Services 3 2,360,060 $5732.62 Wholesale trade (merchant wholesalers) $3916.42 2,416,229 Administrative Retail trade and support and waste 4 $3472.26 Transportation and warehousing $2449.35 2,415,027 2,302,805 management and remediation 2,251,002 Information $1641.60 Finance and insurance services 2,272,454 $6395.46 Retail Trade 5. 2,275,476 Real estate and rental and leasing $1510.93 2,436,291 Professional, scientific, and technical services $3425.59 Average revenue per business for the biggest sole proprietorship types ($) Administrative and support and waste management and remediation services $1668.74 Educational services I $645.21 Health care and social assistance (receipts/returns) $7925.12 (1 4 Arts, entertainment, and recreation $887.56 Accommodation, food services, and drinking places 137,831 131,080 110,076 81,184 78,793 $16350.01 Other services $1740.83 Mining Wholesale trade (merchant Retail Trade Unclassified establishments I $191.57 Finance Accommodation, food insurance wholesalers) services, and drinking places and outright. SOURCES: MSNBC, IRS, Office of Management and Budget, Center on Budget and Policy Priorities (visual.ly Your small business simplified. %24 ATOS

Small Businesses Do Their Share to Feed Uncle Sam

shared by outright on Jan 16
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US. Federal Tax Revenues were $2.47 TRILLION in 2012. Find out how small businesses contributed to this pot.

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