Question

Types of Taxes Quick Check
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Question
How are businesses taxed with the corporate income tax?(1 point)
Responses

Businesses pay a proportional or progressive tax based on their profits.
Businesses pay a proportional or progressive tax based on their profits.

Businesses pay a proportional tax based on their total receipts.
Businesses pay a proportional tax based on their total receipts.

Businesses pay a progressive tax based on their total expenses.
Businesses pay a progressive tax based on their total expenses.

All businesses pay the same amount of tax each year.
All businesses pay the same amount of tax each year.
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Answer 1

The correct answer is:

**Businesses pay a proportional or progressive tax based on their profits.**

Corporate income tax is generally assessed on a business's profits rather than its total receipts or expenses.