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Get exceptional taxation assignment help from our best custom writers at Essay For All. Taxation is the financial obligations and fees a government imposes on its citizens. It applies to all payments of mandatory levels such as inheritance, sales, capital gains, property, corporate and income.
No country resident can evade paying tax since it is involuntary. That is why there are times when the government can use threats or force when implementing successful taxation. Taxation results in levy generation used in various ways. In most countries, a huge percentage of government funding is from tax revenues.
Every country has different taxation patterns, especially in developed and developing countries; developed countries have higher tax revenues collected, unlike developing countries, because efficient taxation compliance mechanisms are available.
Besides, developed countries have effective tax collection techniques. Register for our online taxation assignment help services for professional guidance and support.
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A brief overview of taxation based on Essay For All Tutors
Taxation is the practice of levying a fee by a government agency. Most governments globally use taxation as the main revenue source. Therefore, this specialization is pertinent in ensuring that society has competent tax experts to enact proper tax policies.
It is also imperative to understand that taxation comes in different forms. For example, we have income tax, corporation tax, capital gain, real estate taxes, excise duties, etc. So, taxation covers a broader scope due to its diverse nature.
Different types of taxation
A consumption tax is a tax on the money individuals spend that they have not personally earned. In some scenarios, states and federal governments impose sales tax to raise revenue. In addition, they can also impose excise taxes and other similar taxes. These are examples of consumption taxes imposed by government agencies.
They can be imposed on items like alcohol, gasoline, etc. Popular Americans have consistently championed a central consumption tax to aid in raising capital profits and dividends to replace some of the levies charged by government agencies. American economists and presidential candidates have always propelled the debate. Get more details from our professional taxation homework solvers.
A property tax is paid on property owned by a legal entity such as a corporation or an individual. The local government calculates the tax based on the property’s location, which the owner pays. The value of a property tax depends on the value of the owned property.
The government benefits from the accrued property taxes in various ways. For instance, it helps finance sewer and water improvements, highway construction, road construction and maintenance, education, fire protection, and law enforcement personnel. Property tax is never the same in different countries but varies based on the jurisdiction.
A progressive tax suggests that those with more money must pay more taxes than those with less money. This framework ensures that individuals’ taxation is proportionate to their earnings, so the tax burden is evenly distributed based on your income. As a result, a wealthy person pays more tax than a low-class person. The progressive tax ensures that a middle-class person pays an average of more tax than working-class individuals.
A regressive tax is the opposite of a progressive tax. Therefore, in this case, the tax rate is lower for well-off citizens. Sometimes, the tax rate is lower for all citizens, irrespective of their wealth status. For instance, a tax rate of 16 per cent will not significantly impact a wealthy person’s lifestyle. On the other hand, the same tax rate will adversely impact those who earn a low income.
Most students need clarification to differentiate between progressive and regressive taxes. In addition, the two also use different calculation strategies to determine the tax that a person should remit to exchequer agencies.
Income tax is a direct tax imposed on the income received from pensions, interests, dividends, rent, employment, and business, among other sources. The law requires taxpayers to file annual income tax returns to determine their tax obligations.
Income taxes help fund public services, offer goods and services to citizens, and pay government obligations. There are various sets of rules that apply in the collection of income tax. There are various types of income tax which include;
State and local income tax
This type of tax is very important in paying for public services like police, roads and fire protection. Examples of state and local taxes are;
- Sales tax
- Motor vehicle license taxes
- Property taxes
- Corporate income taxes
- Individual income taxes
Business income tax
Businesses are also not exempted from paying income tax. Hence, they have to pay the tax depending on their earnings.
Individual income tax
Personal income tax is a term that also refers to individual income tax. It is imposed on a person’s salary, wages, and related income types.
Payroll taxes based on Essay For All tutors
According to our professional tutors, a payroll tax refers to the taxes employers and employees pay on salaries, tips and wages. It is calculated as a percentage of the salaries employers pay their employees. Payroll taxes are deducted from your salary. As a result, this type of taxation can significantly reduce your take-home salary.
For example, many people become surprised when they calculate their yearly salary and divide it by the total number of times they receive their salaries. This is because the sum is more significant than your take-home salary.
The deductions’ primary causes include healthcare, social security, retirement schemes, social security, and disability deductions. State and federal taxes are always deducted directly from your paycheck.
Based on our taxation homework, doers, a corporate tax is the tax on corporate profits. It is paid on a company’s taxable income, such as different operating costs, depreciation, research and development and selling and marketing. Corporate taxes can be reduced by making deductions, exploring tax loopholes, and through government subsidies.
Governments also rely on this type of tax as a revenue source. A corporation can deduct bonuses, tuition reimbursement, health benefits and employee salaries. Besides, it can deduct its taxable income by reducing excise taxes, fuel taxes, sales taxes, interest payments, bad debts, travel expenses and insurance premiums.
A proportional tax is similar to a flat tax. In this tax bracket, persons of all income levels pay their fair share of taxes. This means that individual taxes are proportional to their earnings. According to our taxation experts, these taxes are more prevalent at the state than federal levels.
The 2012 American presidential election proposed a 9-9-9 tax plan. This tax proposal required 9 per cent taxation on all company transactions, 9 per cent taxation on individual incomes, and 9 per cent taxation on central sales. Responsible and patriotic citizens should love their country by remitting taxes to the respective authorities.
Equally important, understanding the various taxation types should be general knowledge. At Essay For All, we have competent tax experts you can consult over any taxation assignment questions.
Purposes of taxation
Tax and fee collection is the most fundamental and effective way countries obtain public revenues. The availability of enough revenues supports the ability to make financial investments in infrastructure and human capital and provide public services to the country’s citizens.
Failure of the government to collect taxes from its people may mean its inability to fund various important projects such as roads, water, hospitals and schools. Funding such public services helps in promoting overall social and economic development.
Challenges involved in tax collection
Despite the benefits of taxes, countries still need help in collecting taxes. Some of the drawbacks include tax avoidance, corruption, conflict, tax evasion and the presence of informal economies. Tax evasion is very common, especially among wealthy corporations and individuals.
Evading a task is against the law, and once identified, it can attract severe legal penalties. Tax avoidance also happens when some corporations and individuals find weaknesses in the tax laws and exploit them to lower their tax burden. Such parties can transfer money to lower-tax countries.
Despite the legality of the practice, most governments condemn it. Corruption among government officials has also been a challenge when collecting taxes. In this case, the public officials use tax revenues for personal enrichment. For more information, order our online taxation assignment help services.
Classes of taxes based
A direct tax is a tax that a person pays directly to the government. These taxes operate on the ability-to-pay principle.
Based on Essay For All Professionals, a single entity collects an indirect tax within a supply chain, such as a retailer or manufacturer, and then paid to the government. The manufacturer makes the consumer pay the tax while paying for a service or a commodity. In this case, the product will cost more than required because of the added tax. Some examples of indirect taxes are the excise duties imposed on cigarettes, liquor and fuel.
Step-by-step approaches write Taxation Assignment Help
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Reading your assignment instructions
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The accurate methodology
Before they start working on your paper using an appropriate methodology, they devote much time to understanding the assignment question.
Research is crucial in your assignment writing process because it gathers data from different sources to answer the posed question. consult all the sources, including books and journals, to flesh your paper with accurate and worthwhile content
Have a detailed understanding of the different citation styles to help you format your coursework appropriately based on the provided formatting instructions
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