Mateo had a very successful year. His small corporation earned over $5,000,000. His company will have to pay part of its income to the federal government for income taxes.

Name: Mateo had a very successful year. His small corporation earned over $5,000,000. His company will have to pay part of its income to the federal government for income taxes.
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Question

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Taxes paid on the income received by businesses are called income taxes and are the largest source of tax income received by the federal government.

Mateo Had a Very Successful Year