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Profession tax is the tax levied and collected by the state governments in India. It is a direct tax. A person earning an income from salary or anyone practicing a profession such as chartered accountant, company secretary, cost accountant, Software Engineer, lawyer, doctor etc. are required to pay this professional tax.
Uncommon Laws. The United States tax code is anything but simple. The instructions for the standard 1040 tax form alone are more than 100 pages long, and good luck getting through them in one sitting.
Donors of gifts in excess of the annual exclusion must file gift tax returns on IRS Form 709 [100] and pay the tax. Executors of estates with a gross value in excess of the unified credit must file an estate tax return on IRS Form 706 [101] and pay the tax from the estate. Returns are required if the gifts or gross estate exceed the exclusions.
This may be assessed against anyone responsible for the funds from which payment of withheld tax could have been made. Paying withheld Federal taxes late may result in penalties up to 10%, plus interest, on the balance paid late. State penalties vary. Failure to timely file withholding tax forms may result in penalties up to $50 per form not filed.
On paper, not having to pay taxes sounds great. But states with no state income tax come with their own drawbacks (including high sales taxes).
States collect income tax to pay for services such as education, medical care and public infrastructure. A large part of each state’s revenue comes from personal income tax as well as sales tax ...
For example, the direct state tax burden on individuals in Alaska is far lower than the table would indicate. The state has no direct personal income tax and does not collect a sales tax at the state level, although it allows local governments to collect their own sales taxes. Alaska collects most of its revenue from corporate taxes on the oil ...
If you work a full or part-time job, you'll be receiving this form, likely in the mail. 2. 1099 forms. ... It may be smart to hire a tax professional if: You are self-employed.