Taxes are imposed on corporations, individuals, organizations, personal and real properties, businesses, corporations, etc. as a mandatory fee by the State. The different types of taxes explained in Taxation Homework Help are given below: –
Sales Tax- It can be defined as a type of indirect tax that is imposed by the State. Sales tax is levied on the purchase of goods and services. Different cities/states/countries charge different amount of sales tax on food items and its percentage varies from 0 to 16%.
Income Tax- It is mandatory for every working individual and is charged on interest income, personal income, and revenue from business. Income tax is collected from every individual by internal revenue System (IRS).
Payroll Tax- It is made compulsory by the federal as well as the state governments to pay payroll taxes. It is of two types in the US- Medicare and social security tax. To know more about payroll taxes, please refer our website.
Property Tax- It is a type of tax that is charged on real estate and other properties too. The tax collected from the citizens is used to fund public services such as sanitation, colleges, schools, security, etc.
Estate Tax- It is a type of tax levied on the inherited property and is also known as inheritance tax. A maximum of 40% is charged on the property by the Federal Government.
Topics covered under Taxation Homework Help:
At Taxation Homework Help, we provide taxation homework services at a very reasonable price. Our experts cover all taxation topics including gift tax, excise tax, benefits of tax, the difference between a direct and indirect tax, luxury tax, corporate tax, a general law of taxation, value added tax, wealth tax, etc. Detailed explanations, notes and homework help on various taxation topics are provided by us.
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