Question

How are business taxed with the corporate income tax

Answer 1

The corporate tax rate in the United States is currently at a flat rate of 21%. ... A company can register as an S corporation to avoid double taxation. An S corporation does not pay corporate tax as the income passes through to business owners who are taxed through their individual tax returns.

Answer 2

The business taxed with the corporate income tax is applied on profit of corporations. Businesses pay a proportional tax based on their total profit.

What is corporate income tax?

Corporate income tax is the tax which is applied on the profit of the corporations. Businesses pay a proportional tax based on their total profit.

It is the product of net profit earned by the corporation and the rate of corporate tax.

$\text{Corporate Tax}= \text{Net profit earned by the corporation}\times \text{ Rate of corporate tax.}$

Thus, the business taxed with the corporate income tax is applied on profit of corporations. Businesses pay a proportional tax based on their total profit.

Learn more about the corporate income tax here;

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