Which of the following is a similarity between state corporate income taxes and state property taxes? A. both taxes B. both taxes are paid annually C. both taxes are collected quarterly by a taxation officer D. both taxes are paid to local governments first and then to state governments

Question

History

Goodwin

19 November, 00:40

Which of the following is a similarity between state corporate income taxes and state property taxes? A. both taxes B. both taxes are paid annually C. both taxes are collected quarterly by a taxation officer D. both taxes are paid to local governments first and then to state governments

+5

Answers (1)

Know the Answer?

Davenport · Answer 1

The correct answer is B.

Both State Corporate Income Tax and State Property Tax are paid annually.

A corporate tax, also called company tax, is a direct tax imposed by a jurisdiction on the income or capital of a company. This tax is imposed on the net profit that the company makes in a year. Many local, state or national companies may have the same rate of corporate tax to pay.

A property tax, also known as millage rate, is a tax imposed on a real estate or personal property. Its rate is based on the value of the individual property and it's to be paid by its owner.