C Corps pay their own taxes and are not a passthrough entity like an S-corp or partnership. A regular corporation (also known as a C corporation) is taxed as a separate entity. The corporation must file a Form 1120 each year to report its income and to claim its deductions and credits. 

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Because a corporation is a separate taxable entity from its stockholders, the profits remaining after being taxed at the corporate level are not, as in the case of unincorporated businesses and S corporations, taxed to the owners when they are earned. The profits are taxed only if and when they are actually distributed to the stockholders as dividends.