ACTG 4440 Taxation of Business Entities
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Income tax as per the course ACTG 4440 Taxation of Business Entities is charged on income, such as wages that have been earned. And Corporation tax is a charged on the basis of company's profits. Value-added tax also called (VAT) ischarged on sales of goods and services based on the value of the item sold.
The course ACTG 4440 Taxation of Business Entities, also explains that partnerships are pass-through tax entities. The business never pays income taxes. The tax liability skips, or "passes through," the business and falls onto the partners. Mostly, partners pay taxes on business income based on how much of the business they own.
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