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Does an individual who sells a used car have to pay taxes on the money collected for the sale of the car?
Wiki User
∙ 8y ago
Legally he has to pay income tax on the net profit from the sale. It is income and therefore is taxable.
Wiki User
∙ 8y ago
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Why are income taxes collected?
Because the Government needs money.
What of the following is an example of a tax collected by the state of Georgia?
individual income taxes
Money collected by the government from various sources is known as?
Money that is collected by a government through various sources is referred to as revenue. This revenue is typically collected through taxes.
Where does the money collected from the sale of licenses and taxes of gasoline go?
schools
What class built roads lent money and collected taxes?
Gradually, a middle class developed, composed of workers who built roads, collected taxes, lent money, or became merchants
Who pays congresspersons salaries?
Since government does not produce anything to sell, their pay has to be collected from the people they provide a service to in the form of taxes and fee's. Federal taxes are collected from corporations and individuals in the form of corporate excise tax and individual estate taxes. However, income tax collected on your wages is not one of the taxes that pays for government salaries. This tax goes only to service the debt of the money government has borrowed from the central banks or the Federal Reserve.
What was a a leader of the empire who collected the taxes and sent the money back to Rome?
governor
What types of taxes collected by government on the state and federal levels?
The government on both the state and federal levels collects various types of taxes. Some common types of taxes include income taxes, which are collected based on an individual's or business's earnings; sales taxes, which are collected on the purchase of goods and services; property taxes, which are collected based on the value of real estate; and payroll taxes, which are collected from employers and employees to fund social security and Medicare programs. Additionally, governments may also collect excise taxes on specific goods such as alcohol, tobacco, and gasoline.
Where does the US government get the money to pay representatives and senators?
From taxes collected by the federal government.
Who collected the taxes in the medieval times?
the church collected most of the taxes
Who collected taxes for the king in ancient Egypt?
The Chief Collected The Taxes.
How does Nevada make money for its state?
its collects taxes and sells human corps
