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Why might wealthy oppose income taxes and poor people oppose sale taxes?
Income taxes are usually progressive, so would effect the wealthy the most, while sales taxes would have a greater effect on the poor.
Are purchases of supplies included on a 1099?
Purchases of supplies are not included on a 1099, instead they are included as an expense on a Schedule C Business Form when you file your income taxes.
How does the IRS track and monitor vehicle purchases to ensure accurate reporting of income and taxes?
The IRS tracks and monitors vehicle purchases through the use of Form 1099-K, which is provided by payment processors to report transactions. This helps ensure accurate reporting of income and taxes by comparing the reported income from vehicle sales to the taxpayer's tax return.
Why might wealthy people oppose income taxes and poor people opposed sale tax?
Income taxes are usually progressive, so would effect the wealthy the most, while sales taxes would have a greater effect on the poor.
How does purchases effect income?
Purchases affect income primarily through consumer spending, which drives demand for goods and services. When individuals spend money, businesses generate revenue, potentially leading to increased production, job creation, and higher wages. Conversely, excessive purchases can lead to debt, which may negatively impact disposable income in the long run. Overall, the relationship between purchases and income is crucial for economic growth and stability.
What taxes are higher corporate or income taxes?
income taxes
Is it microeconomics or macroeconomics the effect of higher income taxes on total amount of consumer spending?
microeconomics
How does child support payments effect your income taxes?
It's neither taxable, or tax deductible.
Why might wealthy people oppose income taxes and poor people oppose taxes?
Each opposes the tax that would have the greatest effect on them.
What is the difference between income taxes and state taxes?
Income taxes are taxes paid based on the amount of your wages and other forms of income, including but not limited to investment income, pensions, interest and dividend income, business income, rental income, etc. Income taxes are assessed by and paid to the federal government and, depending on where you live, also state and local governments. State taxes can come in many forms, including not only income taxes, but also property taxes, sales taxes, use taxes, excise taxes, business taxes, etc.
How does an llc effect personal taxes?
Income from an LLC goes directly to pay an individuals personal taxes. This is because there is no K-1 form associated with it.
Why might wealthy people oppose income taxes and poor people oppose sales taxes?
Each opposes the tax that would have the greatest effect on them.
