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P2 in Page 3.12 Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on P2 in Page 3.12 Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. How does taxation work in the United States? |  |
Ans. Taxation in the United States is based on a progressive tax system, where individuals and businesses are required to pay taxes based on their income and profits. The Internal Revenue Service (IRS) is the federal agency responsible for collecting taxes. Different types of taxes, such as income tax, payroll tax, and sales tax, contribute to the country's revenue.
| 2. What is the difference between a tax deduction and a tax credit? | |
Ans. A tax deduction reduces the amount of taxable income, while a tax credit directly reduces the amount of tax owed. Deductions are subtracted from the total income before calculating the tax liability, while credits are subtracted from the tax liability itself. For example, if you have a $1,000 tax deduction and a $500 tax credit, your taxable income will be reduced by $1,000, and your tax liability will be reduced by $500.
| 3. Are there any tax benefits for homeowners? | |
Ans. Yes, homeowners in the United States can enjoy several tax benefits. Mortgage interest deduction allows homeowners to deduct the interest paid on their mortgage loans. Property tax deduction allows homeowners to deduct the amount paid for local property taxes. Additionally, there are tax credits available for certain home improvements that are energy-efficient, such as installing solar panels.
| 4. What is the difference between a tax return and a tax refund? | |
Ans. A tax return is a document that individuals and businesses file with the IRS to report their income, deductions, and tax liability. A tax refund, on the other hand, is the money returned to taxpayers when their tax payments exceed their actual tax liability. It is the excess amount that taxpayers receive back from the IRS after filing their tax return.
| 5. What are some common tax deductions for self-employed individuals? | |
Ans. Self-employed individuals can take advantage of various tax deductions. Some common deductions include business expenses such as office supplies, travel expenses, and advertising costs. Self-employed individuals can also deduct a portion of their home expenses if they use a home office for their business. Additionally, they may be eligible to deduct contributions to retirement plans, health insurance premiums, and self-employment taxes.
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Nov 16, 2024 Last updated |
Video Description: P2 in Page 3.12 for Taxation 2024 is part of Income Tax for assessment (Inter Level) preparation.
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