How to Calculate Operating Expenses in Excel. An Excel spreadsheet is designed to automate the task of repetitive calculations. It can be an invaluable tool for ascertaining the income, capital ...

After calculating expenses, subtract any other applicable deductions from the corporation's taxable income as well, such as state taxes the corporation has paid and donations to qualifying charities.

That also varies depending on where you live and work. Here's a primer on income tax: what it is, how it works, how to calculate it and which states don't have it.