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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

If an individual owns a corporation for which he is the only employee, which different types of federal tax will he have to pay?

To determine

The different types of federal taxes that an individual owning a corporation would have to pay if he is the only employee of that corporation.

Explanation

An individual who run a corporation and is also the only employee of the corporation will have to pay the following federal taxes:

  1. Individual income tax: It is the tax on the income of the individuals. It is a direct tax. Being an employee of the corporation, he will receive a salary and hence would pay individual income tax.
  2. Corporate tax: It is a tax on the profit of the businesses...

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