[Daus]

With some forms of business, yes. For many other forms of corporations, the corporation is a different taxpayer & profit is automatically charged taxes at the corporate rate from dollar one.

Yes, if you a C Corp and sufficient revenue is generated from people other than yourself you can be taxed separately. S-Corp and LLC's I think are always on the hook for taxes personally (though I do not profess to be a tax accountant, just a pissed off LLC and S-Corp owner.) :)

[JackOfVA]

S-Corp and LLC's I think are always on the hook for taxes personally

That's the advantage of an S-corp. You avoid the double tax hit, as all the income is taxed as personal income, not corporate tax and then personal income when transferred to the owner. The S-corp was invented to fix the problem of small business owners being hit by the taxman twice when in a C corp.

Jack

[GoLightly]

Former part owner (only by marriage) of C Corp here & no, not a grocer. I'm not an accountant either, but played one in the early days of the company. We were a sole-proprietorship for the first 7 years in business. One of the hats that I wore involved filling out the Schedule C's, filing the 941s, the 940s & the W-3s, along with doing all of the bookkeeping needed to generate them.

In a C Corp, owner/manager is an employee, just like any other employee. Like I said earlier, the corporation is a separate taxpayer. Many of them aren't even on the same year as individuals, because they use a fiscal year that they had to declare with incorporation.