"Taxes" means fees imposed by the Government on the citizen, organization, company, group of people, or wealth, or even a work object. In theory, the Government can impose taxes on anything and everything. One of the largest shares on taxes goes as follows:
The art of taxation consists in so plucking the goose and get as much as possible of the feathers with a smaller amount of hissing. ~ Jean Baptiste Colbert, Finance Minister, France in the reign of Louis XIV by his Majesty, King of France and Navarre.
But modern governments have never been ruthless in imposing taxes on its citizens. In today's world, generally on the basis of income tax person, organization or enterprise. Such a tax is fair and equitable for the people and they have to pay only commensurate with their income. However, there are many other taxes paid to the Government indirectly. Some of these are taxes on goods and services purchased from us. It is known that the income tax a direct tax, and is known as the sales tax and excise tax. There are many many other taxes, such as payroll taxes, which are some of the most important conclusions that are made when employers calculate taxes on salaries.
Common tax levied on almost all over the world including; income tax, customs duties, value added tax, personal property tax, wealth tax, property tax, capital gains tax, corporation tax, and excise tax.
The tax liability
Tax liability is essentially the value of unpaid tax. In some cases, Governments also charge interest on the amount of unpaid taxes. The term is also used in cases where tax liability estimated tax on the person or organization has taxable activities. For example, the company's tax liability is so much more to the individual. Again, the activities of organizations such as production and export, etc., also affect the tax liability.
Tax liability can be calculated from a certain person or organisation is easily calculated. In the United States. Federal taxes are collected by the internal revenue services (IRS). Issues guidelines on IRS tax liability of the person or organization. Annual tax assessment can collect percentages of taxes and deduct them from the estimated income for the accounting year. For example, the income tax rate is applied to the total profits of the organization. Sales tax is applied to production and trading account.
The tax liability is paid by the organization or people every year to the appropriate government agency, but it keeps on piling up. Many organizations and thus prefer to prepare separate protected or designated for tax liabilities.
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