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
Income tax in the Netherlands Income tax in the Netherlands Income tax in the Netherlands (personal, rather than corporate) is regulated by the "Wet inkomstenbelasting 2001" (Income Tax Law, 2001). The fiscal year is the same as the calendar year. Before April 1 citizens have to report their income from the previous year. The system integrates the income tax with fees paid for the general old age pension system (AOW), the pension system for partners of deceased people (), and the national insurance system for special medical care (). There are three categories of income, each with their own tax rates. They are referred to