NEWS

Calculating taxes in America

 

Calculating taxes in America

Tax account in America: It is a sum of money paid by the American people to their governments to contribute to the administrative costs of society. It imposes taxes on income, salaries, sales, property, capital gains, imports, real estate, gifts in addition to fees, and taxes are the main pillar in the American economy, as they represent 90% of the budget The state and the tax system include everything that an individual earns, spends, or owns.

 

Taxes in America

The tax system is highly advanced in the United States of America and represents the best capitalist method of tax collection, in addition to that, the state grants discounts to social groups that are not protected.

 

The tax system in the United States of America was established at the federal and state level, where the federal and state taxes are separate and each has its own taxation power.

 

 The federal government does not have the right to interfere with state taxes, and each state has its own tax system separate from other states, and within the state there may be several jurisdictions that impose taxes, counties or towns may impose special school taxes in addition to state taxes.

 

Calculating taxes in America

 

Income tax in America or earning

Including individual income tax, corporate income taxes, payroll taxes, and capital taxes.

 

Individual Income Tax

Individual income tax is levied on wages, salaries, investments and other forms of income earned by an individual or a family, and many individual income taxes are progressive, which means that tax rates increase as tax-paying income increases, resulting in higher earners paying the greater share of income taxes than lower-income earners. .

 

Income tax in US states ranges from 10% to 37%, and each tax has a specific income threshold to begin with that operates within a specific range called the tax bracket.

 

US corporate income taxes

With regard to calculating the corporate tax rate in America, corporate income tax may be imposed by the federal and state governments on business profits, which is what companies achieve from sales, from which the cost of doing business is subtracted, and anyone who refrains from paying this tax shall be punished with imprisonment.

 

If the company is small, taxes are imposed in America at a rate of 15% for the first $50,000 of total net profits, then 25% is paid for the amount of $25,000, and so on.

Comments
No comments
Post a Comment



    Reading Mode :
    Font Size
    +
    16
    -
    lines height
    +
    2
    -