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Double taxation in corporations must pay income tax at a corporate rate even before distributing the profits to the shareholders.
Income tax consists of the local, state and federal taxes, whereas Payroll taxes consist of the medical care taxes, unemployment taxes, and the social security taxes.
Tax credits can help to reduce the liability at a Dollar to dollar level but cannot reduce overall liability to less than zero. Tax deductions, on the other hand, lower the taxable income and are computed using the percentage of marginal tax bracke
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