Corporate tax is imposed in the United States at the federal, most state, and some local levels on the income of entities treated for tax purposes as corporations.
All taxable income is subject to tax at 34% or 35% where taxable income exceeds $335,000.
Tax rates imposed below the federal level vary widely by jurisdiction, from under 1% to over 16%.
State and local taxes and rules vary by jurisdiction, though many are based on federal concepts and definitions.
Taxable income may differ from book income both as to timing of income and tax deductions and as to what is taxable.
In 2014 the United States had the third highest general top marginal corporate income tax rate in the world at 39.1 percent (consisting of the 35% federal rate plus a combined state rate), exceeded only by Chad.