Question

According to the originators of the U.S. corporate tax code, the only rates are: (4)

Answer 1

When an individual owns a corporation and is the only employee, they will have to pay several different types of federal taxes, including corporate income tax, self-employment tax, and income tax.

Step-by-step explanation:

The subject of this question is Business. The question is asking about the types of federal tax that an individual who owns a corporation and is the only employee will have to pay.

When an individual owns a corporation and is the only employee, they will have to pay several different types of federal taxes. These may include:

• Corporate income tax: This tax is based on the profits of the corporation and is paid by the corporation itself.
• Self-employment tax: This tax is paid by the individual as both the employer and employee of the corporation, and it covers social security and Medicare contributions.
• Income tax: The individual may also have to pay personal income tax on any salary they receive from the corporation.