Business and Work Vocabulary: Mindset 2 unit 5

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What does "corporation tax" refer to?

Corporation tax refers to the tax paid by companies on their business profits.

What is the difference between "corporation tax" and "income tax"?

Corporation tax is a tax on business profits, whereas income tax is a tax on personal earnings.

How do "personal earnings" differ from "business profits"?

Personal earnings refer to the income individuals earn, while business profits refer to the earnings a business generates after expenses.

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