BUISENESS MANAGEMENT
TAXES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Your parents pay a tax each year of $3500 that is based off the value of your home. Which type of tax do your parents pay each year?
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Payroll Tax
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Income Tax
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Sales Tax
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Property Tax
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Explanation:
Detailed explanation-1: -Taxes are of two different types; direct tax and indirect tax. Taxes charged on income earned is called direct tax. Income tax is an excellent example of direct tax. On the other hand, an indirect tax is imposed by the government on a taxpayer for goods and services rendered.
Detailed explanation-2: -Income from House Property held by following shall be exempted : House property held by a local authority. House property held by a scientific research institution. House property held at a political party.
Detailed explanation-3: -The legal owner of the property is liable to pay tax on the income from the house property. Self-occupied and rental property can be treated as sources of income from house property.
There is 1 question to complete.