What is the purpose of collecting tax and how is % of tax payable derived?
914172
The main taxes levied in India are Income tax,Customs,central Excise,Service Tax & VAT and the details of all these taxes can be have from www.allindiantaxes.com which is the most informative tax site of India and first to report all tax related developments.\nThe % of tax payable is derived through Tax Acts and the Finance Acts passed by parliament of India\nThe purpose is to run the Government , development of Infrastructure and salaries of Government staff & Government expenditure
251653
What is the question?\n\nYou should speak to an accountant so that you won't get penalized by the IRS.
64030
They are a not-for-profit organization.\n\nYou only pay taxes on profits.
317967
It would be taxed based on your tax bracket. This depends upon your income level.
178259
Your tax rate is 15%.  This is assuming that this is straight income from operations and that you had no gain on the sale of assets.
575785
Income is taxable.\n\nYou will receive paperwork along with your settlement (probably a 1099-Misc or similar) that will give you the info you need to determine how to handle the money, taxwise.\n\nGood Luck!
1144260
It's paid to the Government, normally by the House Buyer's Solicitor.\n\nIt's just another example of Taxation in the UK whereby virtually every time money changes hands, the Government takes a slice out of it.\n\nBe it Income Tax, VAT, Corporation Tax, Import Duty, Inheritance Tax,  Stamp Duty, or even Insurance Premium Tax, no matter what the money is paying for the government takes a cut from it. It's a bit of a scam really!
535261
I'll try to remember. We have Value Added Tax, about 17.5% on certain goods and at a lower rate for gas (petrol) and electricity. Capital Gains Tax after an inheritance over a certain amount. Income Tax, comes out of your wages or your business profits. National Insurance paid out of your wages but your boss pays a larger amount than you, this pays for Welfare benefits and free hospital treatment. Council Tax for all local services Street cleaning, Road mending council house repairs, the police etc., Water rates which pay for your water supply, some areas like where I live in Eastbourne East Sussex have two lots, one for sewage and one for supply as we have different companies supplying both services. I'm not sure if there's an Inheritance Tax as well as the Capital Gains tax but there's also Stamp Duty which is paid during the act of buying a house and various Exises and Duties levied on goods brought into the countries at ports and airports.
926538
Sorry, but collection of income taxes is legal.  Ever hear of the 16th Amendment?\n\nAmendment XVI - Status of Income Tax Clarified. Ratified 2/3/1913.\n\nThe Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.
977103
Income Tax is on money you earn working/investing. Most people figure a ballpark of 20%. When a person wins a certain amount of money at a horse track they take 20% before giving your payout and you receive a receipt so you may get some back at the end of the year. This money is used for Federal Expenditures like; Freeways and national security and pays Federal Employees.\nSales Tax is when you buy things it depends on your State, City and County. Many figure a ballpark of 10%. Where I live it about 8% on most purchases and 12% on prepared foods like a restaurant or McDonald's. This money is used for local expenditures within the specific State, being divided accordingly to State, City and County and pays for things like; State and County roads, State Employees and Teachers, Parks etc.
678137
Technically no, you don´t - if tax is due (see limits above) it is due from the estate BEFORE anything is paid out to beneficiaries.  So if you have received something, it SHOULD already have been taxed unless there are special circumstances.
742289
The 'Death Tax' is a more accurate term for 'Estate tax'.  Technically it is paid by the estate (remaining assets of the deceased).  Those most affected are heirs of small business owners.  The value of the business often causes the estate to owe taxes without providing sufficient cash to pay them.  In this case, the business may have to be sold to pay taxes.\n\nSomeone mentioned the inheritance tax.  This is a separate tax imposed by some states, but not the federal government, on the heirs who inherit the estate.
1083058
No, taxes (if any) are paid by the estate. You can read more by following the link below. Here's the portion dealing with inheritances:\n\n"No tax on the person receiving your gift or estate.\nThe person who receives your gift or your estate will not\nhave to pay any federal gift tax or estate tax because of it.\nAlso, that person will not have to pay income tax on the\nvalue of the gift or inheritance received."
51523
For revenue and to pay the taxes imposed by the government.
930047
Inheritance Tax is the tax that is paid on your 'estate'. Broadly speaking this is everything you own at the time of your death, less what you owe. It’s also sometimes payable on assets you may have given away during your lifetime. Assets include things like property, possessions, money and investments.  Not everyone pays Inheritance Tax on death. It only applies if the taxable value of your estate when you die is above £285,000 (2006-2007 tax year) and is only payable on the excess above this threshold. (IT is 40% at present) There are also a number of exemptions which allow you to pass on amounts (during your lifetime or in your will) without any Inheritance Tax being due, for example:  if your estate passes to your husband, wife or civil partner and you are both domiciled in the UK there is no Inheritance Tax to pay even if it’s above the £285,000 threshold.  Most gifts made more than seven years before your death are exempt (certain other gifts, such as wedding gifts and gifts in anticipation of a civil partnership up to £5,000 - depending on the relationship between the giver and the recipient), gifts to charity, and £3,000 given away each year are also exempt.  More details regarding rates of tax, etc., are available on the website below.
626560
It a retirement plan. Instead of paying the government right away, you get to keep it for interest, you give it back later when you take your money out. E-mail me if you want to know more. I can elaborate if needed.
685846
I believe you have to pay on any inheritance you receive.\n\nHere's a website that explains it and also has external links for more info:  http://www.answers.com/Inheritance%20Tax