About This Chapter
Taxation for Corporations - Chapter Summary and Learning Objectives
Focusing on topics under taxation for corporations is necessary if you want to have a full and thorough grasp on the field of accounting. In these lessons, you will take a look at tax structure and the liability corporations have. Some of the things you'll have studied by the end of this chapter include:
- Differences between sole proprietorship and business partnerships
- Payroll tax
- Types of business sales tax
|Tax Structure & Liability of Sole Proprietorships||Analyze the liability of sole proprietorships.|
|Tax Structure and Liability of Business Partnerships||Consider the different types of partnerships businesses have.|
|Tax Structure and Liability of Corporations||Evaluate that characteristics corporate tax structures.|
|What is Payroll Tax? - Definition & Example||Focus on what payroll tax is and the different types there are.|
|Business Sales Tax: Definition & Types||Explain when businesses must apply sales taxes to their consumers and how to report it.|
|Alternative Minimum Tax: Definition & Example||Survey the alternative minimum tax available to corporations and when it applies.|
1. Tax Structure & Liability of Sole Proprietorships
By far the most common type of business in the United States is a sole proprietorship. In this lesson, we will discuss this simple business structure including its tax advantages and liabilities.
2. Tax Structure and Liability of Business Partnerships
Many businesses are partnerships. These are unincorporated businesses owned by two or more people. This lesson explains the tax structure of partnerships and the liability of general partners.
3. Tax Structure and Liability of Corporations
A corporation is a complex business structure with unique characteristics pertaining to taxation and liability. The advantages of a corporation are subject to certain rules. This lesson explains double taxation, limited liability and piercing the corporate veil.
4. What is Payroll Tax? - Definition & Example
This lesson will define the payroll tax and explore the various types of payroll taxes. Also, an example that looks at payroll taxes from the viewpoint of the employee will be provided.
5. Business Sales Tax: Definition & Types
After reading this lesson, you'll have an understanding of how businesses deal with sales tax. You'll also learn how a business calculates sales tax and pays it to the state.
6. Alternative Minimum Tax: Definition & Example
Despite having been around for more than 50 years, the alternative minimum tax has only recently been updated. In this lesson, learn exactly what it is and see an example of it at work.
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Other chapters within the Accounting 302: Advanced Accounting course
- Business Ownership Types
- Key Accounting Concepts
- Journals & Ledgers in Accounting
- Accounting Equations & Formulas
- Financial Statements, Balance Sheets & Income Statements
- Analyzing Financial Statements
- Financial Statement Ratios
- Accounting for Inventory
- Accounting for Depreciation
- Accounting for Compensation, Taxes & Liabilities
- Adjustments & Closing Entries
- Corporate Accounting
- Departmentalized Accounting
- Business & Financial Forecasting
- Required Assignments for Accounting 302
- Studying for Accounting 302