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Categories: General Tax Terms

Corporate Tax

Corporate tax is a tax imposed on the income or profit of corporations and other business entities. It is calculated based on the net income of the corporation, which is determined by subtracting allowable business expenses from total revenue. The corporate tax rate can vary based on the jurisdiction and specific tax laws applicable to the entity.

For example, in the United States, the federal corporate tax rate is a flat rate, while some states may impose additional corporate taxes. Corporations may also be eligible for various deductions and credits that can reduce their overall tax liability.

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