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Other taxes collected are: Income Tax, Corporate Income Tax, Inheritance, Tariffs—often called Customs or duties on imports, etc. Income Taxes began in 1913 with the passage of 16th Amendment. Payroll taxes are Social Security and Medicare taxes Payroll Taxes began in 1940. Many Federal government Excise taxes are assigned to Trust Funds
As of the 2018 tax year, Form 1040, U.S. Individual Income Tax Return, is the only form used for personal (individual) federal income tax returns filed with the IRS. In prior years, it had been one of three forms (1040 [the "Long Form"], 1040A [the "Short Form"] and 1040EZ - see below for explanations of each) used for such returns.
The non-resident taxpayer shall pay individual income tax only on the income derived or sourced from China. Individual income tax is a kind of income tax levied by the state on the income of citizens and individuals living in the country and the income derived from the country by individuals outside the country.
Profession tax is the tax levied and collected by the state governments in India. It is a direct tax. A person earning an income from salary or anyone practicing a profession such as chartered accountant, company secretary, cost accountant, lawyer, doctor etc. are required to pay this professional tax.
Earned income tax credit logo. The United States federal earned income tax credit or earned income credit (EITC or EIC) is a refundable tax credit for low- to moderate-income working individuals and couples, particularly those with children. The amount of EITC benefit depends on a recipient's income and number of children.
If there is any earned income tax credit left (after deducting it from the state income tax), the remainder is deducted from the gross municipal tax, proportionally to its share in the sum of the gross municipal tax, gross health insurance medical expenses contribution, and gross church tax.
Employers are instructed to send copies B, C, 1, and 2 to their employees generally by January 31 of the year immediately following the year of income to which the Form W-2 relates, which gives these taxpayers about 2 + 1 ⁄ 2 months before the April 15 income tax due date. The Form W-2, with Form W-3, generally must be filed by the employer ...
Small businesses in Ethiopia are taxed differently than individuals. Businesses are required to pay: "business income tax, windfall income tax, other income tax, turnover tax and excise tax." [17] Over 20% of all tax revenue in Ethiopia is derived from business profit tax, and 62% of all direct taxes consist of business taxation. [12]