Hello,
I can't believe I have not posted anything on October. I was all caught up with school. Now, I am back with some real economics talk.
Income tax, is the money collected by the government from an individual or a company on their income or profits. The government takes certain percent of the income earned and uses it for its work.
Different countries have different income tax rates. Belgium being the country with highest rate of income tax and USA being the least.
While US states have different rule. Washington State does not have an income tax while it has sales tax. I have to pay tax to the government for each item I but and not for my the amount of income I earn, while the states like New York, California have income tax. (Lucky, my pay cheque does not get reduced :P )
What does the government do with those income tax?
The answer depends on the country but US uses 25.19% on health care, 24.79% on National defense. That was according to my income tax, but you can check your own by going through this Website. I played with it for a while inserting different amount.
(Photo Credit; World Monopoly)
I can't believe I have not posted anything on October. I was all caught up with school. Now, I am back with some real economics talk.
Income tax, is the money collected by the government from an individual or a company on their income or profits. The government takes certain percent of the income earned and uses it for its work.
Different countries have different income tax rates. Belgium being the country with highest rate of income tax and USA being the least.
While US states have different rule. Washington State does not have an income tax while it has sales tax. I have to pay tax to the government for each item I but and not for my the amount of income I earn, while the states like New York, California have income tax. (Lucky, my pay cheque does not get reduced :P )
What does the government do with those income tax?
The answer depends on the country but US uses 25.19% on health care, 24.79% on National defense. That was according to my income tax, but you can check your own by going through this Website. I played with it for a while inserting different amount.
(Photo Credit; World Monopoly)
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