In most of the tax systems, federal, provincial and municipal governments levy taxes on income from wages and taxes on the consumption of goods and services, real estate and goods that cross borders. If you are an employee, there is a withholding tax on your salary income. You also pay a sales tax on the items or services you buy. Sales taxes are automatically added to your bill when you buy something and your employer deducts your tax directly from your pay. At the end of the year, you file a tax return to make sure you have paid the right amount of tax. If you have paid too little, you owe money but if you have paid too much money, you will receive a refund.
Tax returns
Just like employees, business owners, retirees and investors must file a tax return to account for their business, pension and investment income. … Read More