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International Tax System

The international tax system will definitely be made clearer as the meaning of the word "Tax" will be made known. Hence, with this, we will be using the most commonly used definition propounded by James (1998), which kindly stated that a tax is a compulsory levy made by all public authorities for which nothing is received directly in return.

One might wonder why taxationare being paid and some might question the fact that why taxes have been made inevitable by most organized countries. Yes, taxes are of great help to a country because the government undertakes different ventures that require high capital. Moreover, because these ventures are definitely the benefit of the citizens, hence a kind of a minimal donation (tax) would be required form the citizens (individual or corporate). With the provision of Taxes, the government will be able to support the economic stability, the availability of a skilled workforce, important infrastructures, and so on.

Most country in the world undertakes various systems of taxation to suit its citizens and foreigners; U.S precisely entails organized systems of taxation, which has been well understood and followed by the citizens, as it has existed for hundreds of years.
In this article, we shall base on the U.S taxation system.

The system of taxation in U.S is of the federal and state level and it has been organized in a way that both do not destruct each other. In U.S, there are various type of taxes which include: sales tax, income tax, capital gains, etc. either state or federal government in U.S tax are separate and the authority to charge or moderate the tax regulation anytime, lies in their powers. Hence, the federal taxation varies for the state system of taxation. Moreover, each state operates in its own suited form of taxation different form another state. More to this, taxes are being paid jurisditionarily in each state.

A good example is like those towns in some states in U.S that demand taxes from areas like schools. Hence, it becomes an addictive to the state tax.

Income Tax

Income tax happens to be a popularly known system of taxation in the U.S. As it is made compulsory that every income earner in U.S must partake in the federal and in the state taxes payment. With this, deductions are being made on pay checks. The federal income taxation is mainly based on Social Security and FICA. As for the state income taxation, it is not that complex as any employees taxes will automatically be deducted from his/her income by his/her employer. However, this is only applicable if one earns a reputable amount. So with this, you become liable to both state and federal taxes, which must be paid before April 15th of each year.

Sales Tax

Sales tax is another system of tax you must be aware of in U.S. The taxes are being charged on ones purchases. The sales tax is a state tax and the system of operation varies from one state to the other. For example, the sales tax in NY State is 7% and Syracuse, it is also 7%, in Albany, its 8% and in NJ, it is just 3%.

With this, one can say that the U.S system of taxation is a well organized one.

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