Accounting II Essentials by Duane Milano

Author:Duane Milano
Language: eng
Format: epub
ISBN: 9780738671369
Publisher: Research & Education Association
Published: 2012-11-21T05:00:00+00:00

18.2 CORPORATE INCOME TAXES

Corporations differ from sole proprietorships and partnerships in that they are a separate legal entity. As such they are subject to income taxes of the federal government as well as states and municipalities. The usual procedure for paying taxes is to pay a quarterly estimate which should be equal to one fourth of the estimated total for the year.

Assume, for instance, that Sample Company estimated their taxes for the year to be $200,000. The entry for each of the first three quarters would be as in Example 18.2.1.

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