Taxation Exam > Taxation Videos > Income Tax for assessment (Inter Level) > P2, P3 and P4 in Page 2
P2, P3 and P4 in Page 2 Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on P2, P3 and P4 in Page 2 Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What are the different types of taxes that individuals need to pay? |  |
Ans. Individuals are required to pay various types of taxes, including income tax, property tax, sales tax, and excise tax. Income tax is based on the income earned by an individual, while property tax is levied on the value of owned property. Sales tax is applied to the purchase of goods and services, and excise tax is imposed on specific products such as tobacco, alcohol, and gasoline.
| 2. How is income tax calculated? | |
Ans. Income tax is calculated based on the individual's taxable income, which is determined by subtracting allowable deductions and exemptions from the total income earned. The taxable income is then subjected to a specific tax rate, which varies depending on the income level. The tax rate may be progressive, meaning that higher income brackets are subjected to higher tax rates.
| 3. Are there any tax deductions available for individuals? | |
Ans. Yes, there are several tax deductions available for individuals to reduce their taxable income. Common deductions include expenses related to education, healthcare, mortgage interest, and charitable contributions. These deductions can help individuals lower their overall tax liability and potentially receive a higher tax refund.
| 4. What is the difference between tax credits and tax deductions? | |
Ans. Tax credits and tax deductions are both methods to reduce tax liability, but they work differently. Tax deductions reduce the taxable income, while tax credits directly reduce the amount of tax owed. For example, if an individual's taxable income is $50,000 and they have a $2,000 tax deduction, their taxable income will be reduced to $48,000. On the other hand, if they have a $2,000 tax credit, the amount of tax owed will be reduced by $2,000.
| 5. Do I need to pay taxes on inheritance received? | |
Ans. In most cases, individuals do not need to pay taxes on inheritance received. In the United States, inheritance is generally not considered taxable income. However, there are a few exceptions, such as inheriting an individual retirement account (IRA) or certain types of annuities, which may be subject to income tax. It is recommended to consult with a tax professional or refer to the specific tax laws of your country to determine if any tax obligations apply to your inheritance.
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Nov 16, 2024 Last updated |
Video Description: P2, P3 and P4 in Page 2 for Taxation 2024 is part of Income Tax for assessment (Inter Level) preparation.
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