What is income tax? How is it calculated?

[Good-Person]

There are many people who may know what an income tax is. Income tax is a kind of tax which is imposed on people who earn huge amounts of income. A small portion of tax is charged at a fixed percentage. So, how is this tax calculated?

 

[Debashis]

Income tax is typically calculated based on the individual's total income for a given period, after deducting any applicable deductions or exemptions. The tax rates are then applied to different income brackets, with higher rates for higher income levels. The resulting amount is the income tax liability.

 

[Kane]

The laws of income taxes differ from country to country. In our country, a person who has a family pays less income taxes compared to an individual. There is a certain amount that is tax free, I think it is $5000 for individuals in our home country. Anything that a person earns above that amout is supposed to oay income taxes.

 

[Ja sa bong]

The tax system of each country is what's used to calculate their citizen's income tax. This income tax is calculated based on the total amount of money earned by an individual every month. This tax can be paid annually if you choose to.