The phrase tax comes from the Latin ‘taxo’ which means obligatory monetary costs or several categories of levies imposed on taxpayers, taxpayers could be privates or another legal entities. Failure to pay, together with refusal of taxation, could be punished by law. Tax consists of indirect or direct taxes and could be paid in the form of money or equivalent to labor.
Most countries own a tax system that is utilized 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 revenue. Most nations impose taxes on institution income and dividends. Nations often also foist property taxes, sales taxes, value added taxes, salary or tariff taxes.
This blog supplies many templates of various clasification of taxes declared above, so you could easily do your tax calculations both individual and legal entities.
These templates can also be used for students who learn about taxes to complete their homework assignments. Also for employees who do organization tax estimates in their regular work. Hope this helps you all.
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