C-corporations pay income tax using federal form 1120. A limited liability company classified as a corporation for federal tax purposes must file a federal corporate income tax form.

An S-corporation generally is not liable for federal income tax, but it must file a federal form 1120S annually and pay tax on certain investment income and capital gains. Returns are due by the 15th day of the third month after the close of the corporation’s fiscal year.

Businesses that have employees must withhold federal income tax, Medicare tax and Social Security tax from employees’ wages. In most cases you pay the tax monthly or semiweekly, either by the Electronic Federal Tax Payment System (required if deposits total more than $200,000 annually) or by using form 8109-B, Federal Tax Deposit Coupons. Report the tax on form 941, Employer’s Quarterly Federal Tax Return.

Small employers that have an employment tax liability of $1,000 or less for the year may now pay annually on Jan. 31. File form 944, Employer’s Annual Federal Tax Return.

Floridians are required to report wages and pay taxes to the Federal Unemployment Compensation program if they paid $1,500 in wages within a calendar quarter or have employed one or more people for any portion of a day in 20 different weeks during the calendar year. The tax rate is 6.2% on the first $7,000 of wages, but you can take a credit for the amount paid in state unemployment tax up to 5.4%, which is the maximum rate in Florida. If a business’s FUTA tax liability for a quarter is $500 or less, the tax may be held over to the next quarter — or until the combined tax liability is more than $500 —and added to that quarter’s tax liability. Pay the tax either by the Electronic Federal Tax Payment System or by using form 8109-B, Federal Tax Deposit Coupons. Report the tax annually on federal form 940 or 940-PR (Spanish).

Corporations doing business in Florida are subject to the 5.5% tax. C-corporations pay the tax on form F-1120. If a corporation owes more than $2,500 annually in Florida corporate income tax, it must make estimated tax payments on form F-1120ES on or before the last day of the fourth, sixth and ninth month of the taxable year and the last day of the tax year.

If the business has zero tax or owes less than $2,500 in tax, it may file the short form, F-1120A.

Limited liability companies classified as a corporation for federal tax purposes must file a Florida corporate income tax return. Limited liability companies that are classified as partnerships for federal tax purposes are required to file a Florida Partnership Information Return (form F-1065) if they are doing business in Florida and one or more of their owners are corporations. In addition, the corporate owner of an LLC that is classified as a partnership for Florida and federal income tax purposes must file a Florida corporate income tax return.

S-corporations in Florida usually do not have to file a Florida corporate income tax return unless there is federal taxable income.

Floridians are required to report wages and pay taxes to the Unemployment Compensation program if they paid $1,500 in wages within a calendar quarter, have employed one person for any portion of a day in 20 different weeks during the calendar year or are liable for federal unemployment tax (FUTA).

The initial tax rate for new employers is 2.7% for the first 10 calendar quarters (or in some cases 11 quarters), at which time the business will receive a computed tax rate. The maximum tax rate allowed by law is 5.4%.

In 2010, unemployment taxes must be paid on the first $7,000 of wages paid to each employee. The minimum tax per employee is $25.20 and the maximum tax per employee is $378. Because of high unemployment, the state’s unemployment trust fund ran out of money in August 2009 and Florida began borrowing from the federal government. In order to rebuild the trust fund, the amount of wages subject to the tax and tax rates both increased at the beginning of 2010. In March, however, Gov. Charlie Crist signed an unemployment tax relief bill for employers, making the rates above retroactive to Jan. 1.

Taxes are paid quarterly on form UCT-6 to the Florida Department of Revenue. If all of an employer’s employees perform domestic services exclusively and the employer is eligible for an earned tax rate, the business may select an annual filing option.

Florida businesses must collect sales tax for many products and services. If your business will involve taxable transactions, you must register as a sales and use tax dealer using form DR-1 or at the Florida Department of Revenue’s e-file site. Businesses pay through electronic filing or, if sales and use tax is less than $20,000 per year, on form DR-15. Returns and payments are due on the first day of the next month after the tax was collected. Payments are late after the 20th of the month. Businesses that file $1,000 or less per year, however, may file quarterly. If a business files $500 or less, it may file semiannually; $100 or less may file annually.

Many Florida counties impose an additional discretionary sale surtax on transactions that are subject to the state sales and use tax. Businesses report the surtax on form DR-15 with sales and use tax. These local option taxes range from 0.50% to 1.5%. New rates become effective on Jan. 1 each year, but expiration dates vary.

In 2010, 58 of Florida’s 67 counties impose sales surtaxes. For details, go to myflorida.com/dor and download form DR-15DSS.

When out-of-state sellers fail to collect Florida sales tax, buyers must make the payment on their own. The tax applies to items purchased out of state from Internet sites, mail order catalogs, auctions, shopping networks or toll-free shopping services. It also is imposed on items purchased during out-of-state travel when the merchandise is shipped to a location in Florida. Form DR-15MO is used to make payment.

Florida businesses that own tangible personal property (equipment, furniture, computers etc.) that is not included in the assessed value of the real property must pay an annual tax. Business inventory is not taxed. The tax is paid on form DR-405 to the county property appraiser.