Types Of Federal Taxes: The Benefits And Services It Offers (Coursework Sample)
Conduct research from viable and credible sources such as, and not limited to, economic journals, periodicals, books, databases, and websites. This assignment should be submitted/uploaded via BC Online on or before the date the assignment is due. Any late assignment will be subject to a letter grade reduction unless an extension has been negotiated with the professor prior to the due date.
In this written assignment, the quality of your writing and the application of APA format will be evaluated in addition to your content. Evaluation based on these criteria is designed to help you prepare your college projects, which must be well-written and follow APA guidelines. Each written assignment should contain a minimum of 300 words, but no more than 400 words. Make sure that you use correct spelling, grammar, and punctuation.
Types of Federal Taxes
Types of Federal Taxes
Taxes provide the government with finances to pay for the basic national resources and government services offered to citizens. In the U.S., there are several types of federal taxes. This paper will examine the income, employment, and sales taxes as some of the different types of federal taxes. Income tax is the tax levied by the federal government on any income generated by individuals, estates, trusts, and corporations (Murphy & Higgins, 2018). This tax is based on a certain amount, referred to as a taxable income. According to Murphy and Higgins, (2018) taxable income is calculated by determining the difference between the total income and total deductions allowed to the specific taxpayer. A good example of a federal income tax is the corporate tax, which is levied by the federal government based on the profits generated by a business entity.
Employment taxes are taxes levied on employers and their employees, based on employees’ wages (Murphy & Higgins, 2018). These taxes are important to the federal government as they help
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