The tax levied on an individual’s or corporation’s income is known as income tax, which is a direct tax. Individuals are taxed on their total income, taking into account the standard deductions. Corporations or businesses are taxed on their net income, which is the difference between gross receipts and expenditure. Companies would have to pay corporate or corporation tax. Tax is charged on wages, business income and capital gains.
Hello, my name is Ruth and I'm the founder of TaxTwerk.com. Also the author of the bestselling books 'How to Make Your Tax Sexy' and '12 LinkedIn Messages That Actually Work'. Did you pick up your free gift from me?>> Get Access Here