The aims of a national minimum wage. The long-term aim of a minimum wage is to remove the problem of poverty pay, which exists when the earnings from paid work do not result in a living wage and fail to push people out of poverty. Low pay can result from a number of labour market failures, including:
Florida S Corporations and tax-exempt organizations are generally not required to file a Florida corporate income tax return if they do not have federal taxable income. If they have federal taxable income, however, they are then required to file a Florida corporate income tax return and pay any tax due.
One possible tax advantage of an S Corp is pass-through taxation. Corporations can elect pass-through taxation by applying to the IRS for status as a Subchapter S Corporation. The S Corporation provides the same protection from personal liability as a C Corporation. However, owners of an S Corporation can report their share of profit and loss in the company on their individual tax returns. An S Corporation files IRS Form 1120s to report income. S Corporations have a number of restrictions. Most notably, only U.S. citizens or permanent residents may own an S Corporation.