Growing in Values June 8th 2020

INTERNATIONAL KOREAN CHRISTIAN ACADEMY

Ms Castillo.

Topic: Tax expense.

Objective: to know about the tax espense in Nicaragua.

Tax is money that people have to pay to the government. ... For example, taxes are used to pay for people who work for the government, such as the military and police, provide services such as education and health care, and to maintain or build things like roads, bridges and sewers.

Types of Taxes:

There are two types of taxes namely, direct taxes and indirect taxes. ... You pay some of them directly, like the cringed income tax, corporate tax, and wealth tax etc while you pay some of the taxes indirectly, like sales tax, service tax, and value added tax etc.

A tax rate is the percentage at which an individual or corporation is taxed. The United States (both the federal government and many of the states) uses a progressive tax rate system, in which the percentage of tax charged increases as the amount of the person's or entity's taxable income increases.

More categories of non-taxable income

Child support payments; gifts, bequests and inheritances; welfare benefits; damage awards for physical injury or sickness; cash rebates from a dealer or manufacturer for an item you buy; and reimbursements for qualified adoption expenses.

A consumption tax is a tax on the money people spend, not the money people earn. Sales taxes, which state and local governments use to raise revenue, are a type of consumption tax. An excise tax on a specific good, such as alcohol or gasoline, is another example of a consumption tax.

ACTIVITY: Write a sinoptic table about the topic.

Nota: Enviar la asignación el día martes 9 de Junio 2020.