TAXES

Tayyab Rehman Butt

2020-CH-35
 TA X

A tax is a mandatory payment or charge collected by local, state, and national

governments from individuals or businesses to cover the costs of general
government services, goods, and activities.
TYPES OF TAXES
 TAXES ON INCOME INCLUDE

1. Income tax
2. Payroll tax
3. Capital gains tax
4. Estate tax
 TAXES ON PROPERTY INCLUDE:

1. Property tax
2. Personal property tax
3. Real estate tax
 TAXES ON GOODS AND SERVICES
INCLUDE

1. Sales tax
2. Excise tax
3. Sin tax
4. Luxury tax
5. User tax
 INCOME TAX

Governments impose income taxes on financial income generated by all entities

within their jurisdiction, including individuals and businesses.
 PROPERTY TAX

A property tax is asses by a local government and paid for by the owner of a
property.This tax is calculated based on property and land values.
 SALES TAX

A consumption tax imposed by a government on the sale of goods and services.

This can take the form of a value-added tax (VAT), a goods and services tax
(GST), a state or provincial sales tax, or an excise tax.
 INHERITANCE TAX:

A type of tax levied on individuals who inherit the estate of a deceased person.
 PAYROLL TAX

If you take your annual salary and divide it by the number of times you get paid
each year, chances are that number is higher than your actual paycheck. One
reason could be that your healthcare premiums or 401(k) contributions are
deducted from your paycheck.
 C APITAL GAINS:

A tax on capital gains is imposed on any capital gains or profits made by people
or businesses from the sale of certain assets including stocks, bonds, or real
estate.
 WHY DO WE NEED TO PAY TAXES?

There is an old saying that goes “the only sure things in life are death and taxes.”
Taxation has been a feature of society going back to ancient times. The role of
taxes is to help governments fund various undertakings such as public works,
infrastructure, and wars.Today, taxpayer dollars are still used for a variety of
similar purposes.