why do you have to pay income tax
Every around April 15, you'll hear adults of all ages groan about Бtax day. " That's because
and state tax forms are due around that time. But have you ever wondered why you have to pay taxes? In the United States, we have governments at the local, state and national ( ) levels. These governments have various parts to them, including legislators (who make laws), executives (who enforce laws), and many others. The money these government workers receive to do their jobs comes from taxes. Taxes take many forms, too. When you work at a to make, you pay taxes. Depending on how much money you make, a certain (part) of the money you make is (kept out of your paycheck and sent to the government). When you buy things at a store, you also usually pay sales tax, which is a of the cost of the item charged by the store. If you own, you also pay taxes on the value of your. Paying your taxes is considered a, although doing so is also a requirement of the law. If you do not pay your taxes, the government agency that oversees taxes Б the Internal Service or IRS Б will require you to pay your taxes or else face penalties, such as fines or going to jail. The money you pay in taxes goes to many places. In addition to paying the salaries of government workers, your tax dollars also help to support common resources, such as and. Tax money helps to ensure the you travel on are safe and well-maintained. Taxes fund public libraries and parks. Taxes are also used to fund many types of government programs that help the poor and less, as well as many schools! Each when Бtax day" rolls around, adults of all ages must report their to the IRS, using special tax forms. There are many, many laws that set forth complicated rules about how much tax is owed and what kinds of special expenses can be used (Бwritten off") to lower the amount of taxes you need to pay.
For the average worker, tax money has been from paychecks throughout the. On Бtax day," each worker reports his or her and expenses to the IRS. Employers also report to the IRS how much they paid each worker. The IRS compares all these numbers to make sure that each person pays the correct amount of taxes. If you haven't had enough tax money from your checks throughout the to cover the amount of tax you owe, you will have to send more money (Бpay in") to the government. If, however, too much tax money was from your paychecks, you will receive a check (get a Б ") from the government. Try for Free/Pay When You File: TurboTax online and mobile pricing is based on your tax situation and varies by product. Absolute Zero 0 federal (forms 1040EZ/1040A) 0 state limited time offer only available with TurboTax Free Edition; offer may change or end at any time without notice. Actual prices are determined at the time of print or e-file and are subject to change without notice. Savings and price comparisons based on anticipated price increase. Special discount offers may not be valid for mobile in-app purchases. QuickBooks Self-Employed Offer with TurboTax Self-Employed and TurboTax Live: To receive your complimentary subscription to QuickBooks Self-Employed through 4/30/19, you must pay for your 2017 TurboTax Self-Employed or TurboTax Live return by 4/17/18 and sign-in and access your QuickBooks Self-Employed account via mobile app or at at least twice by 7/15/18. You will have the option of renewing your QuickBooks Self-Employed subscription by 4/30/19 for another year at the then-current subscription rate.
You may cancel your subscription at any time from within the QuickBooks Self-Employed billing section. See for price comparison. Offer not valid for existing QuickBooks Self-Employed subscribers already on a payment plan. Pays for itself (TurboTax Self-Employed): Estimates based on deductible business expenses calculated at the self-employment tax income rate (15. 3 ) for tax year 2017. Actual results will vary based on your tax situation. Anytime, anywhere: Internet access required; standard data rates apply to download and use mobile app. Fastest refund possible: Fastest tax refund with e-file and direct deposit; tax refund time frames will vary. Pay for TurboTax out of your federal refund: $X. XX Refund Processing Service fee applies to this payment method. Prices are subject to change without notice. TurboTax Help and Support: Access to a TurboTax specialist is included with TurboTax Deluxe, Premier, Self-Employed and TurboTax Live; not included with Free Edition (but is available as an upgrade). TurboTax specialists are available to provide general customer help and support using the TurboTax product. SmartLook on-screen help is available on a PC, laptop or the TurboTax mobile app. Service, area of expertise, experience levels, wait times, hours of operation and availability vary, and are subject to restriction and change without notice. Tax Advice, Expert Review and TurboTax Live: Access to tax advice and Expert Review (the ability to have a Tax Expert review and/or sign your tax return) is included with TurboTax Live or as an upgrade from another version, and available through October 15, 2018.
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