MANAGEMENT

Detailed explanation-1: -Taxes are mandatory contributions levied on individuals or corporations by a government entity-whether local, regional, or national. Tax revenues finance government activities, including public works and services such as roads and schools, or programs such as Social Security and Medicare.

Detailed explanation-2: -In fiscal year 2023, the federal government has collected $1.47 trillion in revenue. The federal government collects revenue from a variety of sources, including individual income taxes, payroll taxes, corporate income taxes, and excise taxes.

Detailed explanation-3: -A tax is a mandatory fee or financial charge levied by any government on an individual or an organization to collect revenue for public works providing the best facilities and infrastructure. The collected fund is then used to fund different public expenditure programs.

Detailed explanation-4: -Taxes – Compulsory charges imposed on citizens by local, state, and federal governments. Used to provide public goods and services. Largest amount of taxes a person pays is on his/her income.

Detailed explanation-5: -Tax occurs on physical assets, including property and transactions, such as a sale of stock, or a home. Types of taxes include income, corporate, capital gains, property, inheritance, and sales.