Explain the tax structure applicable to sole proprietorship, partnership and company’s form of business organization

The tax structure applicable to different forms of business organization, such as sole proprietorship, partnership, and company, varies based on the legal structure and nature of the business. In this answer, we will explain the tax structure applicable to each of these forms of business organization.

Sole Proprietorship: A sole proprietorship is a business structure in which a single individual owns and operates the business. In this form of business organization, the owner is personally responsible for all the business's debts and liabilities. The tax structure applicable to sole proprietorship is relatively straightforward, and the business income is taxed as personal income of the owner. The owner must report the business income on their individual tax return using a Schedule C. In addition, the owner is responsible for paying self-employment taxes, which include Social Security and Medicare taxes. The self-employment tax rate is currently 15.3%, and it applies ___ __________ _____ ____ ________ _______ _________ ___.
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