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Income tax is the tax that is charged to your income that can be paid with the preparation of tax forms or is withheld from your paycheck. Service tax refers to the tax that is charged for services, like care repair.
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Do people have to pay income tax on realized investments after they pay capital gains tax?
No. You will not pay income tax in addition to capital gains tax if I understand you correctly. However, capital gains tax for an individual is reported and paid on your 1040 income tax return. The only difference is that the rate for capital gains taxes is lower than the regular income tax levels.
What is the difference between goods ans service contract?
A contract for goods is about purchasing tangible items, such as apples. A contract for a services is about contracting for a service to be completed, such as tax preparation.
What are the effects of tax on in com distribution?
There are two types of tax that is related to income equality: Regressive tax: The tax as a percentage of your income decrease as your income rises. Example includes VAT (Value Added Tax) where the burden of the tax falls more heavily onb the poor than to the rich. Therefore it increases the income inequality. Progressive tax: The tax as a percentage of your income increases as your income rises. Example includes income tax where as your income rises, the tax percentage increases. Therefore, it creates more income equality.
Individual income tax rates are usually this of tax the higher the income the higher the tax rate?
Progressive
Does the US government get more revenue from private income tax or corporate income tax?
Well dah
Difference between income tax act and income tax rule?
The income tax act focuses its concern on total income and the income tax rule focuses on which types of income are taxable. That is the biggest difference between the two.
What is the difference between income tax expense and income tax payable?
Income statement & balance sheet.
Whats the difference between tax free income and taxable income?
You pay tax on taxable income and you don't on tax free income
What is difference between tax free and taxable income?
You don't pay tax on the tax-free pay and you do pay tax on taxable income
What is the difference between Accrued income tax and deferred income tax?
we dont have an idea either. thanks wharton
What is the difference between Income Tax and Provision of Income Tax?
Provision for income tax refers to the line item in the profit and loss statement. Income tax is a broad term and could mean current taxes (taxes actually payable to Government), Tax expenses/provision for tax- taxes reported in the P&L or deferred taxes (difference between current taxes and tax expense).
What is the difference between service charges and service tax?
Sorry i dont know
What is the difference between state income tax and federal income tax?
State goes to state budget & Federal goes to ferderal budget.
What is the difference between Gross and net and taxable income?
Gross income: the overall income, from which expenses and tax are not yet deducted. Net income: the pure income, left after deducting all expenses and tax. Taxable income: the income before tax, deducted all expenses except tax.
Describe the difference between a regressive tax system and a progressive tax system and the state the principle that supports each one?
A Regresssive tax system is when a larger percantage frome the income from low-income people than the income of high-income people
What is the difference between TDS and service tax?
TDS is Tax Deduction at Source which is deducted from the service holder/ consultant during payment. At present, TDS is 10.1%. Service tax is a tax payable on the service provided by the service provider, at present it is at 12.36%
What is the difference between service tax and sales tax?
Service Tax is levied by service organisation like hotels whereas sales tax is added to the cost of goods and collected when goods are sold. Both are collected by the Govt.
