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Why property taxes are fixed costs?
Property taxes are considered fixed costs because they do not fluctuate with changes in a property owner's income or business activity levels. Regardless of how much a property generates in revenue or how often it is occupied, the tax obligation remains constant and is typically assessed annually based on the property's assessed value. This predictability in cost allows property owners to plan their budgets accordingly, but it also means that these taxes must be paid even during periods of financial downturn.
What does the government do when it spends more than it collects in taxes?
It must either "borrow" it from somewhere, creating a budget deficit - or - they must print more money, devaluing the nation's currency and causing inflation.
What is the difference between state and federal taxes?
You will want to consult with your tax specialist for each state you need to file your taxes with. Filing multi state returns can get very complicated, as each state has different rules. The only states that do not have state income tax is florida, Alaska and Nevada and New Hampshire and 5 others. If you live in a state which imposes tax you must file both federal and state tax returns each year.
How long before payday must a payroll be calculated?
A payroll can be calculated any time before the taxes are due. It's easier to calculate before payday, but you can figure the taxes after the fact if you choose, although that method is not typically recommended.Federal, state, a local taxes are incurred on payday, but can be due semi-weekly, monthly, or quarterly, depending on tax regulations.Most business owners cut off the hours at least a day or two before payday so they can figure out the taxes and other deductions.
Why is the cost of living in Canada so high?
Cost of living is a function of an economy, whether it be local or national. The Canadian economy is rather strong when compared to other nations and therefore the cost of living is rather high compared to most other nations. The reason is that in order to enjoy the amenities that living in Canada provides you, you must contribute back your fair share. Good infrastructure costs money to build and maintain and therefore money must be raised to pay for these things. This money is raised via taxes which therefore must be high enough to pay for good infrastructure. In order to pay high taxes an economy or an individual must generate sufficient income to afford said high taxes. Therefore, the cost of everything is high and therefore "cost of living" is high.
What age are you exempt from filing Income Tax?
You are not exempt from filing for Income taxes based on age. You are exempt from filing taxes based on the income you receive. If your income is over a certain amount you must file.
What are the Constitutional pvisions on levy and collection of tax?
The U.S. Constitution grants Congress the power to levy and collect taxes under Article I, Section 8. It mandates that all direct taxes must be apportioned among the states based on population, while indirect taxes must be uniform across the states. Additionally, the Sixteenth Amendment allows Congress to impose income taxes without apportionment. These provisions establish the framework for federal taxation while ensuring certain limitations and requirements are met.
What is a tax-table?
a form used to calculate the amount of taxes a person must pay based upon income.
What is tax table?
a form used to calculate the amount of taxes a person must pay based upon income.
What is a tax table?
a form used to calculate the amount of taxes a person must pay based upon income.
What is one of the responsibilities of citizenship?
Citizens must pay taxes and must collect taxes.
What is one of the responsibility of citizenship?
Citizens must pay taxes and must collect taxes.
What must you do to follow the constitution?
you must pay taxes
Suppose you have a job of assigning the proper number of house of representatives seats for various states what must you know to do this?
population.
What age do seniors stop filing her taxes?
Seniors typically do not stop filing taxes based on age alone. They must still file taxes if they meet certain income thresholds or have other specific tax filing requirements set by the IRS. It's recommended to consult with a tax professional or the IRS guidelines to determine if a senior needs to file taxes.
Do veterans have to pay taxes?
Yes everybody must pay taxes.
Need a letter to IRS to request abatement of penalties for taxes paid in full?
You must have "reasonable cause" for the IRS to abate any penalties. You must build your case based on the above. check irs.gov
