Question

Describe the various forms of corporate taxes.

Answer 1

state taxes
excise taxes
employment taxes
estimated taxes
federal income taxes

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Answer 2

1.Federal Income Tax = A standard corporation, or “C corporation,” must file an income tax return at the end of the tax year. The corporation must report its income, gains, losses, deductions and credits to the IRS.


2.Estimated Tax =If a corporation expects to owe at least $500 in federal income taxes, it must make installment payments on its estimated income tax throughout the tax year. Corporations can calculate their estimated taxes on IRS 


3.State Taxes =Corporations may also be subject to state income taxes. There is no standard tax rate for state corporate income tax. Some states, such as Nevada and South Dakota, don't tax corporate income. 

4.Excise Taxes=A corporation may also be liable for federal excise taxes. Corporations generally pay excise taxes when they manufacture or sell certain products, operate certain kinds of businesses, use certain kinds of equipment or facilities or receive payment for certain services. 

5.Employment Taxes=In addition to federal income taxes, corporations must pay employment taxes. Employment taxes include Social Security taxes, Medicare taxes, federal income tax withholding and federal unemployment tax.