C corporations will calculate income tax

Question

Quizplus · Accepted Answer

C corporations are taxed using a flat tax rate of 21% on their taxable income. Choice A is incorrect as there is no 15% tax rate for C corporations. Choice C is outdated as the previous tax rate for C corporations was 35%, but it was reduced to 21% in the Tax Cuts and Jobs Act of 2017. Choice D is incorrect as C corporations are not subject to a progressive tax rate schedule, which is typically used for individual income tax calculations.

C Corporations Will Calculate Income Tax