ABSTRACT
Since your company must pay taxes, it is important that you have an understanding of the basic concepts underlying the prevailing tax structure and of how these concepts affect your decisions. Federal, state, and local taxes may be levied on income, sales, and property. It is important that you understand the federal corporate tax because it is the largest in magnitude and thus influences your managerial decisions. If your company is operating internationally, tax laws of foreign countries must also be understood.
