What is tax

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Available Nights And Weekends. E-File Your Federal Taxes for Free. Prevent new tax liens from being imposed on you. A tax is a compulsory financial charge or some other type of levy imposed upon a taxpayer (an individual or legal entity) by a governmental organization in order to fund various public expenditures.

A failure to pay, along with evasion of or resistance to taxation, is punishable by law. Word Origin Middle English (also in the sense ‘estimate or determine the amount of a penalty or damages’, surviving in tax (sense of the verb)): from Old French taxer, from Latin taxare ‘to censure, charge, compute’, perhaps from Greek tassein ‘fix’. Other articles from investopedia.

Tax definition, a sum of money demanded by a government for its support or for specific facilities or services , levied upon incomes , property , sales , etc.

What does taxes mean? Why do you have to pay tax? How are taxes defined? Tax definition is - a charge usually of money imposed by authority on persons or property for public purposes. As in tax, it is from Middle Dutch excijs , from Latin accensum , to tax.

From Latin taxare, censure, charge, or compute. Disposable income or surplus income is what you have left after taxes and other government obligations—i. Taxation, imposition of compulsory levies on individuals or entities by governments. Taxes are levied in almost every country of the worl primarily to raise revenue for government expenditures, although they serve other purposes as well.

Learn more about taxation in this article. An income tax is a tax that governments impose on income generated by businesses and individuals within their jurisdiction. By law, taxpayers must file an income tax return. The lesson introduces the concept of.

Income Tax : The tax levied on one’s annual income or profits that are paid directly to the government is the income tax. It is dependent on the annual income and is required to be paid to the government directly. The federal income tax system is progressive, which means that different tax rates apply to different portions of your taxable income.

The term tax bracket refers to the highest tax rate applied to the top portion of your taxable income and depends on your filing status. We shop and deliver, and you enjoy. Loans to Help Offset IRS Tax Liens, Get Relief Now. That is , if you are old enough to pay taxes.

Taxes are ways that the government can collect money from its citizens to pay for things that the people nee like schools and. Your bracket depends on your taxable income and filing status. Tax brackets show you the tax rate you will pay on each portion of your income. The next chunk of your income is then taxed at , and so on, up to the top of your taxable income.

A value-added tax (VAT), known in some countries as a goods and services tax (GST), is a type of tax that is assessed incrementally. It is levied on the price of a product or service at each stage of production, distribution or sale to the end consumer, except where a business is the end consumer which will reclaim this input value. A Tax Agent Will Answer in Minutes!

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