A(n)_____ is a tax levied against a business's profits.

Question

Quizplus · Accepted Answer

Income tax is a tax that is levied against the profits earned by a business or an individual. It is calculated on the basis of the net income or profit earned during a specific period. This is different from a property tax, which is levied against the value of a business's property, a deferred tax, which is a future tax liability, a sales tax, which is based on the sale of goods and services, and a value-added tax, which is a tax on the value added at each stage of production.

A(n)_____ Is a Tax Levied Against a Business's Profits