The phrase tax taken from the Latin ‘taxo’ which means obligatory monetary fares or some kinds of levies foisted on taxpayers, taxpayers can be individuals or other legal entities. Failure to pay, together with nonacceptance of taxation, can be penalized by law. Tax consists of direct or indirect taxes or can be paid in the form of money or equivalent to labor.
Most countries own a tax system that is used to pay for public needs and to construct public facilities that are mutually agreed upon. several levies are a fixed percentage rate of personal annual income, but most retribution scales are based on annual income. Most nations foist taxes on corporate revenue and dividends. Nations frequently also force property taxes, sales taxes, value added taxes, salary or tariff taxes.
This blog provides many templates of various clasification of taxes stated above, so you could easily do your tax estimation both individual and legal entities.
These templates could also be utilized for students who study about taxes to complete their homework assignments. Also for employees who do organization tax estimates in their regular work. Hope this inspires you all.
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