Example 3: This business pays income taxes on the sales of its products each year.

This is:

they must pay taxes on the profit of the business each year.

Step-by-step explanation:

Income taxes for business could also be seen as taxes based on the profit of the business for the year under consideration.

For example, if a business, XZY total sales for the year was $15,000, and it incurred an expense of about $3,900. Its net income would be $15,000-$3900 =  $11,100; It is from this amount (the net income) that the income taxes would be deducted.

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step-by-step explanation:

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