Income tax in the United States including limited liability companies (LLCs), may elect to be treated as a corporation or as a partnership. Distributions from partnerships are not taxed as dividends. Corporate tax is imposed in the U.S. at the federal, most state, and some local levels on the income of entities treated for tax purposes as corporations. Shareholders of a corporation wholly owned by U.S. citizens and resident individuals may elect for the corporation to be taxed similarly to partnerships. Corporate income tax is based on taxable income, which is defined similarly to individual taxable income. Shareholders (including other corporations) of corporations (other than S
Working Tax Credit or those with drug-dependent parents", despite their tax credit incomes, remaining in poverty. Even with the previous definition, this government claimed that the existing tax credits system failed to "meet its statutory target to halve the problem by 2010 – despite the huge amount of taxpayers’ money spent on tackling it." Working Tax Credit Working Tax Credit (WTC) is a state benefit in the United Kingdom made to people who work and have a low income. It was introduced in April 2003 and is a means-tested benefit. Despite their name, tax credits are not to be confused with tax credits