Taxes

By:Laura Munoz
Income tax
A government tax imposed to the business income and individuals within their
jurisdiction. Income tax pay government to provide goods for citizens. People pay
their income tax based on the annually year salary for example 12% are for people
that win 11001 to 44725 yearly and 22% for 44726 to 95375. Income tax money is
used to provide revenue for federal,local, and state government to provide service to
benefit citizens like justice system, police, highways, etc
Sales Tax
Sales tax is tax that government on sales of good and service. In the state of
Texas their a sales rate of 6.25% but is usually depended on local municipalities
on how high they want to raise it. Sales tas are also known as consumption tax
due to taxes are generally put in when consumers are about to pay. All sale taxes
rate is from 0 to 16% and it usually depend on the state and the good and service
you buy.
Property tax
Property tax is a regressive tax that refers to land and an structure attached to it.
Property tax are taxes on the market value of owned property this may includes
car, business industry, houses, etc and is required to pay for any legal title.In texas
property is on seventh place on the U.S on highest average for property tax due
to the prices we pay for not having personal income tax.
Excise tax
Excised tax is taxes imposed on specific goods or services at the time they are
purchased. Some good that can be charged for excise tax are fuel tobacco, and
alcohol, etc. Taxpayers are importer, manufacturers, retailers, and consumers.
Estate tax
Estate tax is financial levy on the current value of it assets. Estate tax is federal
tax on the estate of a person who dies. Estate is tax on property transferred from
dead person to their heir and it includes cash, real estate, stock, or assets.
Amended
In order to file your amended tax return you must use the form 1040X it a U.S.
individual income tax return. You must attached copies of all forms and
changes. And send your information from IRS form. You can also correct error
and go back 3 years to claim additional refund in case of missed credit or
deduction.
Tax Impeachment
The office of tax policy is responsible for developing and implementing tax
policy and programs . The IRS is also the tax administration to understand
and meet tax obligation. The assistant secretary also analyze, develop, and
implementing federal tax policy and programs.