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Tax: a compulsory contribution to state revenue, levied by the government on workers' income and business profits, or added to the cost of some goods, services, and transactions. #Tax #Learn
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There are several very common types of taxes:
1) Income Tax (a percentage of individual or corporate earnings filed to the federal government)
2) Sales Tax (taxes levied on certain goods and services)
3) Property Tax (based on the value of land and property assets)
4) Tariff (taxes on imported goods imposed in the aim of strengthening internal businesses) #Tax #Learn
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Taxes are imposed at federal, state and local levels. Generally speaking, the federal government levies income, corporate and payroll taxes, the state levies sales taxes, and municipalities or other local governments levy property taxes. Tax revenues are used for public services and the operation of the government, as well as the Social Security and Medicare programs #Tax #Learn
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A federal income tax is a tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts and other legal entities. Federal income taxes are applied on all forms of earnings that make up a taxpayer's taxable income, such as employment earnings or capital gains. #Tax #Learn
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2017-06-14T16:36:51+05:30 -
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“…Taxes are, therefore, transfers of money to the public sector,
but they exclude loan transactions and direct payments for
publicly produced goods and services …” #Tax #Learn