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
A sole proprietorship is a business owned by a single person. Define sole proprietorship and discover how it differs from other tax structures. Learn about the tax structure, liability, and accountability expectations of sole proprietorships.
2. Tax Structure and Liability of Business Partnerships
In business, a partnership is a contractual arrangement involving two or more parties who agree to jointly own and operate a business. Learn about the tax structure and liability of business partnerships. Explore the definition of partnerships, including general and limited, and understand the advantages and disadvantages of partnerships.
3. Tax Structure and Liability of Corporations
There are many advantages and disadvantages to the structural organization of corporations. Learn about their dynamic underpinnings, including corporate tax structure, the liability of corporations or shareholders, and piercing the corporate veil.
4. What is Payroll Tax? - Definition & Example
Payroll tax is a tax paid by employers for the wages of their employees. This tax is usually deducted from the salary of the employees. Learn about the different types of payroll taxes and their definitions and the computation example of the payroll tax from an employer's point of view.
5. Business Sales Tax: Definition & Types
Business sales taxes differ by state and local governments. Define business sales tax and learn about the different types of taxes. Identify examples of taxable items, exemptions, and how taxes are affected by a sales tax permit.
6. Alternative Minimum Tax: Definition & Example
Alternative minimum tax is a controversial system that hasn't been properly updated since the 1960s. Learn about alternative minimum tax through its definition, controversy, and an example of how it works in the real world.
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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