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What type of tax must a business pay on its profits to the federal government and some state and local governments?

corporate tax


Do businesses pay taxes?

In one way or another, they pay income taxes on profits, property, vehicles, and every other tax that everyone else pays. Depending on the type of business and how it is formed, determines how the income tax is paid and on what type of tax return.


What type of tax must a business pay in its profits to the federal government and some state and local governments?

A business must pay corporate income tax on its profits to the federal government, as well as potentially to state and local governments, depending on their tax regulations. This tax is calculated based on the company's net income after deductions for expenses, and the rates can vary by jurisdiction. Additionally, some businesses may also be subject to alternative taxes, such as franchise taxes or gross receipts taxes, depending on the location and structure of the business.


Can companies donate to non-profits for tax purposes?

Yes, companies can donate to non-profits for tax purposes. Contributions to qualified charitable organizations are typically tax-deductible as a business expense, which can reduce the company's taxable income. However, the specifics can vary based on the type of organization and local tax laws, so companies should consult with a tax professional to ensure compliance and maximize potential benefits.


What type of business structure liability is limited only to the assets of the business and does not extend to individuals?

Corporation

Related Questions

Which type of business does the owner not have to share any profits?

privately owned business owners share no profits. they pay taxes and that is not sharing profit.


This type of business organization has one or more individuals sharing in profits?

A partnership is a business where two or more people come together to start and run a business. Some of the attributes of this type of business is that two or more people share in the profits and losses.


What is cyclical business?

a type of bike used during the discussion of profits.


This type of business organization has one or more individuals sharing in this profits?

partnership


What taxes do business owners pay on their profits and income?

Business owners typically pay income tax on their profits and income. Additionally, they may also be subject to self-employment tax, payroll taxes, and other business-related taxes depending on the type of business structure they have.


What type of tax must a business pay on its profits to the federal government and some state and local governments?

corporate tax


What are the average profits of email advertising?

Email advertising offers a great way to expand one's business. The average profits depend on the type of business being advertised. Non-profit businesses see the most gain from email advertising at near 46%, while banking businesses may only see profits of 16%.


What is the main source of income of Google?

"The number 1 browser today earns its highest profits and revenues through providing relevant, and informed advertising of its sponsors. Last year this type of revenue brought in the highest profits for the company."


What type of tax must a business pay on it's profits to the federal government and some state and local governments?

corporate tax


Identify the main goals and functions of US Business?

The main goal of most of the US business is to make profits. Depending with the type of business, the US businesses have the role of providing certain goods and services to its customers.


This type of business organisation has one or more individuals sharing in the profits?

This type of business organization is typically referred to as a partnership. In a partnership, two or more individuals collaborate to operate a business, sharing both the profits and responsibilities. Each partner contributes to the business, whether through capital, labor, or expertise, and they usually have a formal agreement outlining the terms of their partnership. This structure allows for shared decision-making and combined resources, but partners also share the risks involved in the business.


What are the differences between personal and business taxes?

Personal taxes are paid by individuals on their income, while business taxes are paid by companies on their profits. Personal taxes are filed using a Form 1040, while business taxes are filed using various forms depending on the type of business entity. Personal taxes are based on individual income levels, while business taxes are based on the profits and expenses of the business.