Corporations are taxed differently from sole proprietorships or partnerships, because they exist as taxable entities in and of themselves. The corporation pays corporate income taxes on net profits, and the corporation will also pay the employer's share of Social Security and Medicare (or Canada Pension Plan, etc.) charges. If the corporation has paid you wages or salary as an employee, you'll file a tax return just as any employee would.

There are some differences between American corporation types, however. An S Corporation functions similarly to a partnership, with the corporation's profits divided between the shareholders, who then fill out their individual tax returns. Limited Liability Companies differ from state to state, but in general work like partnerships as well with the profits divided between each owner.