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The deceased person's estate is subject to inheritance tax. All monies within the estate above a set amount determined by the government is liable to a tax before funds are released to the beneficiaries
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What is the tax on property transfer when a person dies called?
Estate tax is levied when a person dies
Which type of tax is collected by a mediating agent from the person who is responsible for paying the tax?
indirect tax
Can Workers Compensation be collected if the injured person dies?
in a way yes
Is Service Tax direct tax?
no service tax is not a direct tax. b'coz direct tax is directly imposed on person and it can't be transfered on the other person. Service tax is levied on service provided and it is levied and collected from clients. so service tax is an Indirect Tax.
Who is responsible for paying an estate tax?
A person who inherits goods when someone dies.
Who is responsible for paying estate tax?
A person who inherits goods when someone dies.
Which type of tax is assessed based on the property and goods left behind when a person dies?
Inheritance tax is the tax on property and goods left behind at death.
Which type of tax is assessed based on property and goods left behind when a person dies?
Inheritance tax is the tax on property and goods left behind at death.
Define tax and explain its various types?
Tax is a compulsory payment imposed by government on every citizen of a country.Every one have to pay different taxes to government.there are two basic type of taxes.1=Direct tax.2=Indirect tax.(Direct Tax)Taxes imposed and collected by the same person,are called direct taxes e.g. Income tax,property tax,wealth tax.(Indirect Tax)Taxes imposed on one person but collected by some other person are called indirect taxes e.g. Sales tax,Central excise duty.
In some states a person who receives property when someone dies must pay an?
...inheritance tax.
What is tax collected at source?
Tax Collected at Source is a sales tax that is charged in India for certain good. The items that qualify for this tax is liquor, tendu leaves, timber, and scrap batteries.
Is income tax collected monthly?
In the UK income tax is collected in various ways, if you are employed then the PAYE (pay as you earn) system will collect tax each time you are paid, which is usually weekly or monthly, if you are self employed then income tax will be normally be collected annually when your tax return is processed.
