WHAT DO WE UNDERSTAND BY TAXATION?
- Taxation means a way or procedure where the government can finance their expenditures by way of imposing charges on corporate entities and to the people of the country. This helps the government of a country to encourage some specific economic decisions like interest paid on home mortgage loans which result in a greater generation of jobs and construction activities. This is mainly referred to as the mandatory money collection by the levying authority which is no other than the government themselves. The terminology “TAXATION” is being levied on capital gains towards estate taxes. According to the dictionary, the meaning of taxation is to act upon something. And the resulting in revenues is normally known as taxes.
- Taxation is normally differentiated from other forms of payment methods like market exchanges here the best thing is that taxing is not a consent and it is not directly to any other rendering services. Through an explicit and implicit forcible threat, the government tends to compel more taxation from its citizens. Still, taxation is different from a protection racket or any extortion, as the imposing party is the government only not any other third-party private actors or such.
WHY DO WE HAVE TO PAY TAX TO THE GOVERNMENT?
- The government has to pay towards the services it provides like improving infrastructure, helping poor people to get good jobs and helping students to get books so that they can learn something and can have a better life like all other citizens. This the reason we have to pay taxes to the government so as to improve it services even much more so the city can be placed in a stable state. We paid taxes in all different ways when a person started to earn something then he or she has to pay income tax, then if someone went to buy any product, then they have to pay vat and tax for the product which is normally included in the amount. Even while traveling by car to any national highways we can see toll taxes where the people take money from us, and this helps them to improve the road and avoid any sorts of mishaps. Even when people buy new vehicles whether it is two wheeler or four they have to pay road tax for it.
- We are all paying taxes to the government so that they can improve the services they provide for us, for the citizens of the country. This helps to manage the money so that it doesn’t turn out to be black money and used for unfair means. Many people do not want to pay any taxes because they want to run away and save their earned money. But this not at all correct if a person is not paying taxes then they will be caught by the income tax officers, and then the person has to pay a huge amount of money for omitting to pay off taxes. This type of things are considered as crimes which should not be done, and if done then these things have to be restricted and managed accordingly.
ABOUT THE USA TAXATION
- Taxes in the United States are mainly imposed on the net income of the corporations as well as on the individuals by the federal government. The residents of the country and their citizens were taxed on the worldwide basis income and were allowed some credit for the foreign taxes. Income was mainly subjected towards tax, and it was determined under the tax accounting rules only this was comprised mainly of all the income of the citizens of the country. Still, some of the business expenses reduced their taxable income and other individuals to reduce their taxable income using certain personal allowances and other non-business expenditures. Which includes local taxes, mortgages and state taxes. The rules of State taxable income always came into the difference with the federal state rules and regulations. The federal taxes varied from 10% to 40.05% out of the main taxable incomes. State taxes were usually treated as the deductible expenditures for the federal tax computations.
- The United States Of America is normally a federal republic state with separate state, federal and local governments. Here the taxes are imposed in the States at each stage. Which includes property sales, payroll, capital gains dividends and taxes on income. In the year of 2010, the taxes were collected by the municipal, federal and state governments which amounted around 24.9% of Gross Domestic Product Graph. Only countries like Mexico and Chile taxed less as a part of GDP shares. Still, taxes diminishes much more than expected in the labor income than the capital income even divergent taxes falls due to various forms spending and income can comprise a small part of indirect taxations than some activities over other taxes and forms.
- Now we will learn about some other types of taxes like why it is required and how taxes are related to them. They are as follows:-
- Sales Tax - It is a consumption tax which is being imposed by the government on the sale of services and goods of an organization. This is mainly levied at the time of sale as a conventional sales tax, then it is accumulated by the retailer and passed on to the government of the country. According to a given jurisdiction, a business is liable for sales tax if it has a huge amount of turnover.
- Property Tax - These taxes were imposed by the local governments, schools are often differently governed than normal property taxes. This type of tax is normally imposed on realty. Still, some legal tax forms are some sorts of business property. Property tax rates and rules differ broadly according to the annual median ranges starting from 0.3% to 2.1% of the value of the property depending on the state.
- Payroll Taxes - This tax is being imposed by the federal government and all other state governments which include Medicare taxes and Social Security which are being imposed on both employees and employers at a combination rate of 15.4%.
- These were the well-known taxes of The United States Of America. Now we will learn and see the details about GAAP or normally known as Generally Accepted Accounting Principles.
WHAT IS GAAP?
- GAAP is set of common accounting principles, procedures, and standards which the different types of organizations have to follow when they prepare their financial statements. It is a mixture of authoritative standards which are commonly accepted reporting accounting information and ways of recording financial statements. The Generally Accepted Accounting Principles helps in improving the clarity of communication of financial reports and gains other information.
- The Generally Accepted Accounting Principles are meant to ensure the smallest level of consistency in an organization’s financial reports and statements. This also facilitates the comparison between the financial information amongst all other companies. GAAP should be followed when the organization starts distributing its financial statements outside its premises or boundaries. If the stock of a corporation is publicly traded the financial reports and statements should also adhere the rules and regulations which were being established by the SEC or popularly known as United States and Exchange Commission.
- The Generally Accepted Accounting Principles helps in covering things like the balance sheet, item classification, outstanding share measurements and revenue recognition of financial statements. If the GAAP is not being used while in the preparation of any financial statement then the investors should become cautious about the prepared statements. When reporting financial outcome or results some companies might use the GAAP and some non-GAAP compliant measurements. Press Release are some of the known examples where the GAAP Regulations requires the non-GAAP compliant measurements to identify this type of financial outcome and other public disclosures.
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TAXATION LAW ASSIGNMENT EXPERT WRITERS
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- We all have a good knowledge about taxes. But some countries like the UAE do not have to pay taxes as there is no system of taxes here the whatever the people earns it gets into good uses or some towards bad uses too. The government who are mainly governing the country they use taxation as a tool or a device so as to encourage certain decisions of the economy of the country.
- Collecting or accumulation of taxes is not bad, but when people do not pay tax, then the income tax officers are being deployed to find out who are the people not paying tax to the government. There are some exemptions to certain persons from paying tax. Still, people have to pay tax for the welfare of the country and to increase its infrastructures and its utilizations. This is the reason where the colleges give taxation assignment help to the students so that they can solve it.
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