How Taxes Work
Taxes are mandatory payments levied by governments on individuals and businesses to fund public services and infrastructure. They are an essential part of modern society, providing the revenue necessary for governments to operate. There are various types of taxes, each with its own purpose and method of calculation: Tax rates vary depending on the type of tax and the jurisdiction. They can be: Tax deductions and credits are mechanisms that reduce the amount of taxes owed. Individuals and businesses are responsible for filing tax returns annually...