Analysis of Taxation and Its Various Types Homework Answers

thumbs up

Ease your homework burden with top-notch Online Homework Help. Say goodbye to deadlines stress and let our expert tutors handle your assignments effortlessly.

Focus on what truly matters while we handle the rest.

Rate this post

The term tax is derived from the Latin word Taxosignifying a levy or financial charge imposed upon an individual or entity by the state government to fund public expenditure.Students of economics and commerce are well acquainted with the process of taxation and its various types homework answers. Their 360-degree knowledge about taxation helps them come out with flying colors in examination.

Tax evasion is a punishable offense in all countries as per their respective law, however, the duration and type vary according to their legal constitution. Tax collected can either be direct taxes or indirect taxes. It’s collected in the form of money or monitory equivalent. In some countries, a homogenous percentage of tax is imposed while in other tax calculation is complex and based on annual income.

In some nation, a pittance is levied in the form of tax owing to the exceptionally poverty stricken population. Thus we can correctly point out that taxation process varies widely among developed, developing and underdeveloped countries.

Purpose of taxation and its various types homework answers   

  • Analysis of the process of taxation enables students understands the working of government.
  • How government collects levies from individual or corporation to fund social welfare schemes and support public expenditure.
  • Students get a clear understanding as they dig deeper into the answer related to taxation and its various types.
  • Economic infrastructure that boosts a country’s GDP is built on the foundation of public money. For example, roads, public transportation, sanitation, legal system, public, safety, education, healthcare facilities for poor, military and defense service are funded by public
  • Scientific research, art, and culture, data collection, public insurance are all part of the fund built by the citizens’ taxes.

An aspiring economist or an accountant must be conversant with the process of collection of taxes, its types, and allocation to have an in-depth understanding of the subject.

Tax collection sometimes is less than the expenditures budgeted by the government. This is when the government incurs debt and borrows money from various quarters’ namely foreign countries, international monetary fund (IMF) and utilizes a portion of tax collected in next year to settle the debt. If government debt keeps on increasing over a period of time with no improvement in collecting taxes, the government declares bankruptcy as the Greece government did in early 2016.

Taxation and its various types homework answers show cycle of borrowing money to fund public expenditure and social welfare schemes with no or less investment causes a country go into a debt trap. South East Asian currency crises is a copybook example of how few South East Asian countries could not improve their tax collection owing to less investment and went into a debt trap in the late nineties. Curtailing IMF loan could have been a good option which wasn’t practiced due to fear of public backlash. They were the only source of public funding and social welfare schemes run in the country.

Social welfare schemes funded by tax money are

  • Education system for all.
  • Healthcare facilities for poor who cannot afford to visit expensive private hospitals that charge a bomb.
  • Pension for the elderly.
  • Unemployment benefits.
  • Energy, water and waste management called utilities.

Taxation and its various types homework answer provides answers to the type of taxes and how they are classified to form a robust fiscal policy for a country. After all, none of us would like our nation to get into a debt trap or become bankrupt. To avoid various financial complications arising out of taxation process, we need to go deep into the analytical study of taxation process.

Tax levied on income of individual or a corporation is termed as Income tax which is further subdivided based on types of income.

Income tax

  • Tax levied on income from salary, net profit from business, net gains and other sources of income.
  • Incidence of taxation varies among systems so as the rate.
  • Personal income tax is levied on individual and is calculated at the end of the financial year.
  • Based on system of collection, income tax can be progressive or regressive in nature.

Capital gains tax

  • Capital gains tax is levied on sale of assets like properties, stocks, bonds, debentures,
  • Levying of capital gains tax, however, varies among jurisdictions and their legal systems.

Corporate tax

  • This is imposed on corporations on their net earnings, net profit or net worth post the mandatory deductions.
  • Rates of corporate tax vary between states, nature of corporation, number of their employees and other aspects.

Social security contribution

  • Countries that fund social welfare schemes through public money make sure a mandatory contribution is made by employees from the part of their salary, net profit which goes directly to the social welfare scheme fund.
  • These payments are calculated from wages, earnings as we find in taxation and its various types homework answers.
  • Tax rate is usually fixed, however, can vary among jurisdictions.
  • Upper and lower limit of earnings is imposed under the scheme by various governments.

Payroll tax     

  • Unemployment tax is levied on employers based on total payroll.

Property taxes

  • Taxes are imposed on movable and immovable property of individuals and entities like corporations.
  • It’s imposed on net wealth of individuals and corporations to maintain equality and bridge the glaring gap between poor and rich.
  • The term used to denote the taxes related to property holdings. They are gift tax, estate tax, and inheritance tax.

Value added tax

  • GST (Goods and services tax), single business tax are levied on sale of goods and services which are a one-time tax paid by the end consumer for the goods and service bought.
  • It has greater accountability and transparency than all other taxes combined and a sign of developed country.

Sales tax

  • Levied on a retail commodity when it’s sold to the final consumer, however, its discouraging as they dampen retail sales.
  • Tonnes of paper are wasted debating the utility of such tax which some of the trade pundits consider highly regressive.

Excise tax

  • Indirect tax imposed on manufacturing, production and distribution activities.
  • Tax collected is proportionate to the value and quantity of production.

Apart from the said taxes, various other taxes are levied based on the fiscal policy of respective government. Taxation and its various types homework answers the classification along with their calculation making it easy and hassle free for students who are pressed for time to complete their lengthy assignments.

You May Also Like

How We Help With Homework

Our Workflow

trustpilot ratings

4.2/5

trustpilot ratings

4.7/5

trustpilot ratings

4.8/5

5
Step 1

Submit your homework

  • Describe your task requirements, and set the deadline using our online form.

5
Step 2

Connect to qualified tutors

  • Receive instant quotes from experts. Pay using secure payment gateways.

Step 3

Get accurate solutions

  • Receive plagiarism-free solutions in your mentioned deadline. Unlimited free revisions included.

  • NHonest Pricing
  • NBetter Grades
  • NMoney-back Guarantee

High Student Satisfaction

70% Repeat Customers

help with homework

Frequently Asked Questions (FAQs)

Our Answers to Your Questions

C
E

How do I submit my assignment?

Getting assignment help is very simple with us. Students can either send us the homework via email or they can upload it to our online form here. For a quicker response, You can also chat with us at WhatsApp and submit homework directly. You are sure to get a response from our side within 10 minutes. You can pay for your order using secure PayPal or major credit card gateways.

C
E

Who will do my homework?

All our tutor experts are highly qualified professionals – holding at least Master’s degree in their fields. Currently, our tutor pool is made of 400 subject-specific experts.

Each expert has been individually chosen after a series of rigorous screen tests, which involves credential checks, work history analysis, writing sample assessment, and one-on-one interviews.

C
E

How much will my homework cost?

Each assignment is quoted a unique price. It is based on (i) complexity of task, (ii) your deadline and (iii) tutor’s estimate of the time it will take them to complete your homework. There are no obligations, and you are free to discuss the price quote with the tutor.

We also accept partial payment to start working on your assignment help. You can pay the remaining amount when your task gets completed. No pressure of up-front payment. No hidden order costs. We do not have a monthly fees or minimum payments for services.

C
E

Can I pay someone to help me with my homework?

Yes, you can pay online tutors for homework help. There is nothing wrong with asking for help from trained and professional subject tutors to clarify doubts regarding any assignment or coursework.

C
E

What mode of payment is acceptable?

There are several ways to pay for homework help:

  • Credit/Debit Card: You can use your credit or debit card to make a payment online. We accept VISA/MASTERCARD/AMEX.
  • PayPal is a secure online payment service that allows you to pay for essay writing services using your account balance or linked bank account.

C
E

Can I chat with my tutor?

Using our secure chat board, you can now chat directly with your assigned tutor. The chats are encrypted both ways to secure your privacy. This makes your contact with the tutor directly & confidentially, so you can better explain any requirements or changes if needed or just need updates.

You can't contact the experts outside of chat board platform. Sharing any personal information, including but not limited to contact information, goes against our Terms and Conditions and therefore may result in permanently blocking you from the platform. We take any personal data very seriously and we do it for the safety of our users.

Know more about chat board here.

C
E

Can I get free online homework help?

Our homework services are not free because we provide customized, high-quality homework solutions. We have a prepaid system that ensures professional homework helpers are paid fairly for their work and time. We believe that the value of their expertise and the effort they put into crafting each assignment justifies the cost of our service.
C
E

Is My Homework Help Legit?

My Homework help is absolutely legit! We are the leading providers of college homework services since 2012. We connect you with experienced tutors for your assignment and make sure you get completed answers before deadline. Our guarantee is high-quality assignment solutions or your money-back. It’s that risk-free! Furthermore, everything about you is kept confidential.

C
E

Can I trust you for homework help?

My Homework Help is absolutely reliable. Students of the world's top universities use our services and 50% of our customers are repeat customers. Our ordering process is very simple & transparent. There are no hidden fees or subscription anything like that. You can also request a refund if you think that our expert wasn’t able to meet your requirements. Your prime satisfaction is our end goal!

Know more - How it works

C
E

What about privacy & confidentiality?

Using My Homework Help is absolutely safe. We care about your security, therefore we encrypt all personal data to make every user feel safe while using our services and we don’t share any personal information with any third parties without your permission. Your credit card information is not stored anywhere at My Homework Help, and use of PayPal relies on their secure payment networks. Your identity, payment and homework are in safe hands. You can always be certain of getting professional help and remaining anonymous, while using My Homework Help.