T?xes year – if the individu?l has received ?bove

T?xes
are gener?lly ?n
involunt?ry
fee levied on individu?ls or corpor?tions th?t is
enforced by ?
government entity, whether loc?l, region?l or
nation?l in
order to fin?nce
government ?ctivities.
In economics, t?xes f?ll on whomever p?ys
the burden of  the t?x,
whether this is the entity being t?xed, like ?
business or the end consumers of the business’s goods. T?xation, imposition
of compulsory levies on individu?ls or
entities by governments. T?xes ?re levied in
almost every country of the world, primarily to raise revenue for government
expenditures, although they serve other purposes as well.

The purpose of taxes is to raise
revenue to fund government. Money provided by t?x?tion has
been used by sta?es and their
functional equiv?lents
throughout history to c?rry out m?ny
functions. Some of these include expenditures on economic infr?structure
(roads, public
transportation, sanitation, legal systems, public safety, education, health care systems), military, scientific rese?rch, culture
and the a?ts, public works,
distribution, d?ta
collection and dissemin?tion, public
insur?nce, and the
oper?tion of
government itself.

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When expenditures exceed t?x revenue, a government ?ccumulates debt. A portion of taxes m?y be used to service past debts. Governments also use
taxes to fund welf?re and public
services. These
services c?n
include education systems, pensions for
the elderly, unemployment benefits, ?nd public tr?nsport?tion. Energy, w?ter and w?ste m?nagement systems ?re also
common public utilities.

How do
governments collect taxes?

Most t?xes are collected ?t the time a transfer is being
m?de -whether it is withholding
from a p?y check, ?dded to the purch?se price of goods at the point
of s?le, or  when ? license or permit is issued.
In ?ddition, inform?tion and tax returns ?re filed with the government – such ?s income, fiduciary, and est?te t?x returns. Tax returns ?e required to be filed
according to the procedural law governing taxes. For example, individuals are
required to file a feder?l income t?x return showing all income received during  the p?st year – if the individu?l has received ?bove the specified ?mount of income during the p?st year.