Taxation Exam > Taxation Videos > Income Tax for assessment (Inter Level) > P4 in Page 2.5
P4 in Page 2.5 Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on P4 in Page 2.5 Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What is the purpose of taxation? |  |
Ans. Taxation is the process by which the government collects money from individuals and businesses to fund public services and government operations. The main purpose of taxation is to generate revenue to support the government's activities, such as building infrastructure, providing healthcare and education, and maintaining law and order.
| 2. How is income tax calculated? | |
Ans. Income tax is calculated based on an individual's taxable income, which is the total income earned minus any deductions or exemptions. The tax rates vary based on income levels, with higher incomes generally being subject to higher tax rates. To calculate income tax, one needs to determine the tax bracket they fall into and apply the corresponding tax rate to their taxable income.
| 3. What are the different types of taxes? | |
Ans. There are several types of taxes, including income tax, sales tax, property tax, excise tax, and payroll tax. Income tax is levied on an individual's earnings, sales tax is imposed on the sale of goods and services, property tax is based on the value of real estate or personal property, excise tax is levied on specific goods like tobacco or alcohol, and payroll tax is deducted from an employee's wages to fund social security and Medicare.
| 4. What are tax deductions and credits? | |
Ans. Tax deductions and credits are mechanisms that reduce the amount of tax an individual or business owes. Deductions are expenses that can be subtracted from taxable income, such as mortgage interest, medical expenses, or charitable contributions. Credits, on the other hand, directly reduce the amount of tax owed. Examples of tax credits include the child tax credit, education credits, and renewable energy credits.
| 5. How can I minimize my tax liability? | |
Ans. There are several strategies to minimize tax liability, such as maximizing deductions and credits, utilizing tax-advantaged accounts like retirement plans or health savings accounts, and taking advantage of tax planning opportunities. It is important to consult with a tax professional to ensure compliance with tax laws and to explore all available options for reducing tax liability.
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Nov 16, 2024 Last updated |
Video Description: P4 in Page 2.5 for Taxation 2024 is part of Income Tax for assessment (Inter Level) preparation.
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