What is tax? What is the purpose of tax?
The taxable income is that income on which tax is imposed by government. It is calculated after deducting the allowable exemptions or deductions provided by the taxing authority. Tax rate is used to estimate tax.
Answer and Explanation: 1
Tax is defined as necessary charge levied on individual, Companies, Firms Trust, and other such entity etc. by the government on the income earned or...
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fromChapter 3 / Lesson 5
Learn what income tax liability is. Find out what taxable and adjusted gross income are, discover how to calculate tax liability, and examine common deductions.