Do annual expenses include income taxes?
Yes Income taxes, whether they are federal, state, or local, are usually the last expense reported on the income statement before the calculation of net income occurs. If you've worked in the past, then you're familiar with the concept of taxes being levied on the income you earn. The same holds true for companies in the form of a corporate income tax.
Answered by Clint C. -
About Income Tax
The Income Tax is a tax imposed by the Federal, most states and local governments. The income tax is determined by applying a tax rate to an income bracket. In 2011, taxes are due on April 15th.
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