1 : I want to know whether I have to pay the income tax or not.
2 : Under which act we pay the income tax.
2 : Under which act we pay the income tax.
Answer :
1 : Basically, any governments need some form of income to pay for the services offered to their citizens. Income taxes are the most common form of income generation for governments. The question is more who must pay taxes rather than who needs to pay taxes. In US, you must file a federal income tax return if your income is above a certain level; which varies depending on your filing status, age and the type of income you receive. There are some instances when you may want to file a tax return even though you are not required to do so. Even if you don’t have to file, here are seven reasons why you may want to. For example, as long as Federal Income Tax was Withheld from your pay , if you made estimated tax payments, or had a prior year overpayment applied to this year’s tax, You should file to get money back.
2 : Prior to 1913, federal taxation was not common in the US. The government implemented taxes as needed and repealed them after the need for income dissipated. While not ideal for paying for services, it was an indication that citizens did not need to pay . Which part of the Internal Revenue Code requires us the pay taxes? QUOTE,” Tax law itself is codified in the Internal Revenue Code, which is known as Title 26 in the United States Code. The United States Code, as defined by the Government Printing Office, is the codification of general and permanent laws of the United States. It’s divided into fifty “titles” (or volumes) and published by the Office of the Law Revision Counsel of the U.S. House of Representatives every six years, with supplements being made available between editions. In layman’s terms, the United States Code is the collection of laws passed by the legislature and signed by the executive – the Code is law. Section 1 (26 U.S.C. § 1), it states:There is hereby imposed on the taxable income of every individual … who is not a married individual a tax determined in accordance with the following table ….There you have it, right in the first section of the Code. When taxes are due is set in Section 6076: “[R]eturns made on the basis of the calendar year shall be filed on or before the 15th day of April following the close of the calendar year.” If you are unconvinced, I think I’ve discovered the single most valuable resource on the Internet with regards to the mandatory nature of income tax at Jon Siegel’s Income Tax Page. If you’re really interested, you could spend a good hour ..Read More..
2 : Prior to 1913, federal taxation was not common in the US. The government implemented taxes as needed and repealed them after the need for income dissipated. While not ideal for paying for services, it was an indication that citizens did not need to pay . Which part of the Internal Revenue Code requires us the pay taxes? QUOTE,” Tax law itself is codified in the Internal Revenue Code, which is known as Title 26 in the United States Code. The United States Code, as defined by the Government Printing Office, is the codification of general and permanent laws of the United States. It’s divided into fifty “titles” (or volumes) and published by the Office of the Law Revision Counsel of the U.S. House of Representatives every six years, with supplements being made available between editions. In layman’s terms, the United States Code is the collection of laws passed by the legislature and signed by the executive – the Code is law. Section 1 (26 U.S.C. § 1), it states:There is hereby imposed on the taxable income of every individual … who is not a married individual a tax determined in accordance with the following table ….There you have it, right in the first section of the Code. When taxes are due is set in Section 6076: “[R]eturns made on the basis of the calendar year shall be filed on or before the 15th day of April following the close of the calendar year.” If you are unconvinced, I think I’ve discovered the single most valuable resource on the Internet with regards to the mandatory nature of income tax at Jon Siegel’s Income Tax Page. If you’re really interested, you could spend a good hour ..Read More..
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