Question

How much interest is to be charged in tax liability of business income

Answer 1

Answer:

The tax rate for pass-through entities and sole proprietorships is equal to the owner's personal income tax rate. For 2019, personal income tax rates range from 10% to 37% depending on income level and filing status. For example, a single filer who reports $100,000 in net business income will pay a 24% tax rate.