There are taxes on income, the purchase of goods, and the sale of property, as well as levies unique to your local town or city. For example, in the US, there are federal, state, and municipal taxes to consider. However, the rules in each area may differ,according to PwC, the profe...
Home›Tax›What are SUTA Taxes (State Unemployment Tax Act)? Definition:The state unemployment tax act, also called SUTA, imposes a tax on the wages that employers pay to their employees. This tax is used by the state to fund the unemployment insurance programs to benefit fired or laid ...
Nobody likes taxes, but they are a big part of history. In this lesson, we'll see what a hearth tax is and explore the most famous use of this system back in the 17th century. The Hearth Tax Taxes are a pain, but we should take a minute to recognize the real victims here: tax...
Definition:Federal Insurance Contributions Act Taxes or FICA taxes are most commonly referred to as payroll because the federal government requires that employers withhold these taxes from employees’ paychecks. Employers are also required to pay half of the FICA taxes. One half of the FICA tax is...
What is a simple definition of excise tax? An excise tax is an indirect tax added to the cost of a good or service. Consumers indirectly pay excise taxes as part of the total retail price, making excise taxes different from sales taxes, which are plainly added to a quoted retail price....
If you itemize deductions on your federal tax return, you may be able to claim a deduction for the personal property taxes you've paid.
A specific tax is a type of indirect tax where a fixed amount is charged per unit of a good or service sold, irrespective of its price. Unlike ad valorem taxes, which are calculated as a percentage of the price, specific taxes are based solely on quantity. This makes them simple to cal...
What are the Different Types of Accounts Payable? Accounts payable can be categorized into trade payables, non-trade payables, and taxes payable. Trade payables refer to payments on goods or services, and non-trade payables refer to business expenses that don’t directly affect operations (e.g....
Consumers are responsible for calculating and remitting the use tax to the government. The purpose of the use tax is to protect in-state retailers against competition from out-of-state sellers that don't have to collect sales taxes. The use tax is difficult to enforce because the onus lies ...
Conventional or retail sales taxes are only charged to theend userof a good or service. Because the majority of goods in modern economies pass through a number of stages of manufacturing, often handled by different entities, a significant amount of documentation is necessary to prove who isultimat...