Individual Tax
Standard deduction for single filers
What is $2,300?
Retail tax rate for the state of MS
What is 7%?
The first tab of all Excel audit work papers.
What is the comparison page?
Statute that defines "Definitions".
What is 27-65-3?
One person who is the sole owner of an unincorporated business – directly files income tax on IRS Schedule C for business income, Schedule E for rental type income, or Schedule F for farm income
What is Sole Ownership?
Individual tax rate for 2025
What is 4.4%?
Contractor's tax rate and threshold
What is 3.5% with gross proceeds or total contract price exceeding $10,000?
What is the cash flow analysis basis?
Statute for seller to collect tax.
What is 27-65-31?
Either general (all partners share responsibility and liability) or limited (one or more partners is limited in responsibility and liability) of two or more persons voluntarily associated to carry on a business. Pass-Through income to the partners unless partnership elects tax treatment as a C corporation or files a composite return. Name federal form filed.
Social Security Income, taxable or not
What is not taxable? Page 11, Line 46 of MS Individual Instructions
Vendor Discount and monthly limit
What is 2%? What is not to exceed $50.00 per month?
When purchases exceed sales.
What is breaking the books?
Sales of coffins, caskets, and materials used in preparing human bodies for burial are exempt under which statute
What is Other 27-65-111?
A separate legal entity with no more than 100 members. Files IRS Form 1120-S; pass-through income & issues Schedule K-1 to individual members. Files franchise tax in MS. (out-of-state entity could elect to report income on the S corp as a composite filing, rather than issuing Schedule K-1’s). Name federal form filed.
What is Corporation - S-Corp? What is Form 1120-S?
Sources of taxable income in MS. Give three sources.
What are wages, business income (loss), capital gain (loss), rent, royalties, partnerships, S Corps., trusts, etc., farm income, interest income, dividend income, alimony received, taxable pensions and annuities, unemployment compensation, and other income?
Tax code 77
What is seller's use tax rate?
Generally understood to include all sales, both taxable and exempt, and sales tax (and applicable special city tax).
What are gross sales?
Statute that supports miscellaneous businesses.
What is 27-65-23?
A separate legal entity with ownership of stock among the members. Directly files income tax on IRS Form 1120 – generally files income and franchise tax in MS. Name form filed.
What is Corporation - C-Corp? What is Form 1120?
Theses items are used to determine to Mississippi Adjusted Gross Income.
What is Total Income less Adjustments?
The seller is required by the sales agreement to deliver the goods outside the state, exempt or taxable.
What is exempt from sales tax?
Generally understood to include taxable sales only (but no exempt sales) and does not include sales tax (or applicable special city tax).
What is Net Taxable Sales?
Statute that supports taxpayer must keep records.
What is 27-65-43?
A flexible, hybrid U.S. business structure authorized by state statute that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability protection of a corporation. Owners, known as members, are generally not personally responsible for the company's debts or lawsuits.
What is a Limited Liability Company?