âThe English and French gentry used patch boxes in which to keep beauty patches as well as patches to cover pox scars.â 2 A part of something marked out from the rest by a particular characteristic.
A corporate tax, also called corporation tax or company tax, is a tax on the income or capital of corporations or analogous legal entities. Many countries impose such taxes at the national level, and a similar tax may be imposed at state or local levels. The taxes may also be referred to as income tax or capital tax.
A C corporation is a business term that is used to distinguish this type of entity from others, as its profits are taxed separately from its owners under subchapter C of the Internal Revenue Code.In an S corporation, the profits are passed on to the shareholders, and are taxed based on personal returns. A C corporation can be used to split the corporate profit amongst the owners and the corporation. 2  This can result in overall tax savings. 3  The tax rate for a corporation is usually less than that for an individual, especially for the first $50,000 of taxable income.