Tax is the mandatory payment that individuals and corporations have to pay to the federal and state governments. Income tax is paid from the income or profit that is earned by an individual or firm. There is a proper way of calculating income taxes described by the government.

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Taxation is a term for when a taxing authority usually a government levies or imposes a financial obligation on its citizens or residents Paying taxes to governments or officials has been a mainstay o... View the full answer