is franchise tax and buisness tax the same thing ?

Lou Ravelo: ok so business tax is also levied on profits = franchise tax ? this is for TEXAS...thank you!!

Kaley Lappas: @bash : thank you, but ---- Business tax is levied on the profits earned by small or big businesses and brings it ? and is this the same as franchise tax ? thank you!

Inez Relihan: I think there is need of some clarification about termssometimes a business tax has been assessed on the year end inventory, sometimes on equipment used in the business, as well as the gross sales of a companyfranchise and business are probably alike, depending on where you areIn Calif. the Franchise Tax Board is the agency that handles income taxthe State Board of Equalization is the agency that handles sales tax...Show more

Jacques Teri: Not necessarily. A franchise tax is typically a tax assessed at the state or local level for the privilege of operating a corporation or LLC. A franchise tax is therefore clearly a business tax.A business tax is a catch-a! ll term for pretty much any tax paid by a business. That would include franchise taxes but would also include property taxes, excises taxes and income taxes paid by any business....Show more

Douglass Sarley: Just a plain old BUSINESS TAX can include all types of taxes that every business is required to pay during the tax year for all purposes that the federal, state, local taxing authority and cities, etc can dream up and charge and collect as TAXES for this purpose and time in your life.INCOME taxes would be one distinct tax that would be required to be paid on the NET PROFITS from a business operation or even from an individual taxpayer that would have to use the schedule C and the SE of the 1040 income tax return and also some state would have some income taxes on the net income also for this purpose.Franchise tax From Wikipedia, the free encyclopediahttp://en.wikipedia.org/wiki/Franchise_taxFranchise tax is a tax charged by some US states to corporations with a n! exus (aka a filing obligation) with those states. The common f! eature of a state's franchise tax is that it is not based on income. Rather, the typical franchise tax calculation centers around the "net worth" of the taxpayer.Hope that you find the above enclosed information useful. 12/05/2011...Show more

Kate Baune: I think a business tax could be many things, including something like an occupation tax like on Attorney's. A franchise tax is supposed to be a fee for doing business in a state but some states laws are not set up this way. Take TX for example they have a Franchise Tax but it is actually a margin tax. They don't just charge you a flat fee for doing business they charge you a tax based on your profit margin. The law is currently being appealed since TX does not allow a tax on income per our constitution. Many other states have a franchise tax that is something like $50 a year or a fixed fee. You also have business personal property tax due on any iventory and assets that sit in your office. You owe federal incom! e tax on your earnings, that could be a business tax. You also could owe use tax if you take an item from your business (inventory etc) then convert it to personal use....Show more