ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Every citizen, regardless of their age or working status
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Every person or company that earns income in the US
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Anyone who owns a home or attends a public school
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No one has to-taxes are a voluntary program
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Detailed explanation-1: -Individuals and corporations are directly taxable, and estates and trusts may be taxable on undistributed income. Partnerships are not taxed (with some exceptions in the case of Federal income taxation), but their partners are taxed on their shares of partnership income.
Detailed explanation-2: -Most U.S. citizens – and permanent residents who work in the United States – need to file a tax return if they make more than a certain amount for the year. You may want to file even if you make less than that amount, because you may get money back if you file.
Detailed explanation-3: -Not everyone is required to file taxes. Here are the income tax filing requirements for tax year 2022. Not everyone is required to file their taxes. Whether you need to file your taxes depends on four factors: your income, filing status, age, and whether you fall under a special circumstance.
Detailed explanation-4: -Simply put, the responsibility of paying taxes falls both to you and to your employees in some form. However, as an employer, you do have the responsibility of reporting income and having employment taxes withheld on your employee’s.