TAX

Taxes are financial charges or levies imposed by a government on individuals, businesses, or other entities to fund public services and infrastructure. They are a key component of government revenue and can be applied in various forms. Here’s a breakdown of how taxes work:

Types of Taxes:

Income Tax: A tax on the income earned by individuals and businesses. The rate can vary depending on the level of income.

Sales Tax: Applied to the sale of goods and services. This is usually added at the point of purchase and collected by retailers.

Property Tax: Imposed on the value of property, whether real estate or personal property. It’s often used to fund local governments or school districts.