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A corporate tax is a tax imposed on the net profit of a corporation that are taxed at the entity level in a particular jurisdiction. Net profit for corporate tax is generally the financial statement net profit with modifications, and may be defined in great detail within each country’s tax system. Such taxes may include income or other taxes.
Corporations may be taxed on their incomes, property, or existence or equity structure by various jurisdictions. Maryland imposes a tax on corporations organized in that state based on the number of shares of capital stock issued and outstanding. Many jurisdictions instead impose a tax based on stated or computed capital, often including retained profits.
Most systems impose income tax at a specified rate of tax times taxable income, which may be decreased due to tax exemption. The United States define taxable income for a corporation as all gross income, i.e. sales plus other income minus cost of goods sold and tax exempt income less allowable tax deductions, without the allowance of the standard deduction.
Resources
- Tax Brochure 1.76 MB
- Legal Brochure 2.86 MB
Market Specialists
Steph Foley
Head of Department
890.934.2900
[email protected]
