Get the free California Schedule S 2002

This form is used by individuals, estates, or trusts to claim a credit against California tax for net income taxes imposed by and paid to another state or U.S. possession.

How to fill out california schedule s 2002

How to fill out California Schedule S 2002

1. Start by obtaining a copy of California Schedule S 2002 form from the California Franchise Tax Board website.
2. Fill out your name and Social Security Number at the top of the form.
3. Determine if you are a resident or non-resident of California and indicate this on the form.
4. Report your income from Schedule S, including interest, dividends, and other sources.
5. Calculate your adjustments to income, if applicable, and enter those amounts.
6. Include any applicable deductions and credits related to your income.
7. Follow the instructions for your specific circumstances, which may include additional forms.
8. Review the completed form for accuracy and ensure all calculations are correct.
9. Sign and date the form before submitting it to the California Franchise Tax Board.

Who needs California Schedule S 2002?

1. Individuals who have to report income earned from sources outside California as part of their tax obligations.
2. California residents with specific types of income or deductions that require additional reporting through Schedule S.
3. Taxpayers who are required to report information concerning the taxation of income from various sources.

People Also Ask about

How much does it cost to maintain an S Corp in California?

All California LLCs or corporations that choose S Corp taxation must pay a 1.5% state franchise tax on their net income. This is paid by the business itself, not the LLC members or corporate shareholders. Also, all LLCs and S Corps must pay a minimum franchise tax of $800 annually, except for the first year.

Do you have to pay a $800 California S Corp fee every year?

S corporations are subject to the annual $800 minimum franchise tax.

How do I claim the California credit for taxes paid to another state?

To add the credit for taxes paid to another state, please follow the steps below: Click State on the left side menu. Click the three dots to the right of your state and select edit. Select "Begin" under Credits. Select "Begin" under Schedule S, Other State Tax Credit. Enter your information into the form and click continue.

How much is California state tax on $100,000 income?

For a single filer earning $100,000 in California, the total tax burden is approximately: Federal Tax: $17,432. California State Tax: $5,836. FICA Taxes: $7,650.

Do you have to pay the $800 California S Corp fee the final year?

S corporations in California must pay the greater of 1.5% of net income or $800 as the minimum franchise tax annually. Payment is required even if the business earns no income or is inactive. Payment options include online via Web Pay, mailing a check with FTB Form 100-ES, or using third-party tax software.

Do you have to pay the $800 California LLC fee the final year?

Every LLC that is doing business or organized in California must pay an annual tax of $800. This yearly tax will be due, even if you are not conducting business, until you cancel your LLC.

How to prove you are not a California resident?

Keep receipts, contracts, utility bills, and legal documents that show you've moved your residence, established domicile in a new state, and severed ties with California. These records will be essential if you ever need to prove to the California Franchise Tax Board (FTB) that your move is permanent.

What is the annual fee for an S Corp in California?

The annual tax for S corporations is the greater of 1.5% of the corporation's net income or $800.

For pdfFiller’s FAQs

What is California Schedule S 2002?

California Schedule S 2002 is a tax form used by individuals who are making claims for certain credits or deductions related to their income tax in the state of California for the tax year 2002.

Who is required to file California Schedule S 2002?

Individuals who are claiming specific tax credits or deductions that require reporting on Schedule S for the tax year 2002 are required to file California Schedule S 2002.

How to fill out California Schedule S 2002?

To fill out California Schedule S 2002, taxpayers need to provide personal information such as their name and Social Security number, record the amounts of credits and deductions they qualify for, and follow the instructions provided on the form to accurately complete it.

What is the purpose of California Schedule S 2002?

The purpose of California Schedule S 2002 is to allow taxpayers to report claims for specific tax credits and deductions, helping to determine their final tax liability to the state of California.

What information must be reported on California Schedule S 2002?

On California Schedule S 2002, taxpayers must report information such as the amounts of various credits and deductions they are eligible for, as well as any other relevant details required by the form's instructions.