Private businesses must pay tax {business tax} on profits. Private businesses can be corporations {corporate tax}. Businesses take tax deductions for depreciation, inventory changes, and investment credits.
People must pay tax {customs tax}| on property value brought into country directly from another country, unless bought in duty-free zones and so marked.
People must pay income tax {gift tax}| on gifts received, because gifts represent income. Gifts up to $10,000 from relatives are exempt.
People can pay tax {income tax}| on wages, salaries, interest, capital gains, gifts, bequests, tips, and other income.
withholding
Employers typically send part of paychecks to government {withholding, income}.
date
USA income tax is due on April 15, for preceding fiscal year.
form
USA national income tax form {Form 1040} {1040 Form} has various lettered supplements, used for calculating deductions and taxes on businesses, rentals, royalties, interest, dividends, capital gains, child care, and moving.
statements
In January, USA W2 form shows wages or salaries paid and deductions taken by employer. This form must accompany the 1040 tax form. Statements of income from banks, mutual funds, and companies {form 1099} {1099 form} do not need to accompany tax form.
rate
Income tax rate varies from 0% to 36% for federal government and from 0% to 12% for state government.
Taxes {surtax} can be percentages of original tax.
City and/or county tax offices collect tax {property tax} on properties owned, based on current market value, not purchase price. Property has assessment each year.
types
Property types subject to taxation include houses, land, trailers, boats, and cars.
tax
Taxes are typically due in the fall. Taxes are a percentage of market value, typically 100%. Property taxes range from 1% to 3% of market value.
lien
Counties or states can place liens {tax lien} to pay taxes on real property. Counties or states usually wait for tax, sometimes paid by new purchaser, rather than foreclosing.
City or county officials {assessor} can determine property values {assessment}.
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Date Modified: 2022.0225