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Complete the following sentence. Franchise tax __________. a. Allows business owners to send in enough in tax payments to cover both income tax and self-employment

Complete the following sentence. Franchise tax __________.

a. Allows business owners to send in enough in tax payments to cover both income tax and self-employment tax.

b. Is a tax applied to a company's gross receipts; that is gross receipts without deductions for the business' expenses.

c. Is paid to the IRS and the Social Security Administration.

d. Is sometimes called a "privilege tax," as it gives the business the right to operate within a state.

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