Question

1. In general terms, identify the similarities and differences between the corporate taxable income formula and the individual taxable income formula.

2. What taxes are individuals subject to that corporations are not?

Answer 1

Answer:-

1 ) :-

Similarities :-

• The two recipes begin with gross pay (salary after rejections) for the assessable year.
• The two recipes decrease net wage by findings to decide assessable salary and apply impose rates to assessable pay to decide the duty obligation.
• At long last, the two recipes diminish the duty risk by credits and expense installments to decide assesses due or the discount.
• The two equations enable citizens to take findings for operational expense to register assessable salary.

Differences :-

• People recognize reasoning among for and from AGI conclusions, and they report balanced gross pay.
• Partnerships don't recognize finding composes and don't report balanced gross pay.
• Organizations don't separate conclusions nor do they deduct standard derivations.
• At last, in contrast to people, enterprises don't deduct individual exclusions.

2 ) :-

No.

• The expense year must be indistinguishable year from it utilizes for money related bookkeeping.