In this video lesson, we can look at english vocabulary for taxes, particularly corporate income tax, which US businesses pay to the Internal Revenue Service, or IRS. Companies must file a return with the IRS every fiscal year. On their returns, companies declare revenue and capital gains and pay a certain tax rate based on those earnings.
Tax: Is the money that teh goverment collects from peoples & business to finance the runing of the country.
Corporate Income Tax: Companies pay corporate income tax as a percentage of their profits
Internal Revenue Sefrvice (IRS): Is an agency of the U.S, goverment that collect taxes and enforces tax laws