TYPE ANSWERS 1. Be able to identify and calculate different types of taxes, the tax system in the...

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Finance

TYPE ANSWERS
1.
Be able to identify and calculate different types of taxes, thetax system in the United States, and important
tax terminology
Be able to prepare a comprehensive budget, and know how toclassify different sources of income and
expenses
Understand contract terminology and terminology associated withchecking and banking
Know what a bank reconciliation is, its purpose, and the basicidea of how it is done

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The Different types of taxes are mentioned below Income Tax This is the tax collected on the annual income earned by an individual corporation Trust etc Sales Tax Sales Tax is charged on the purchase of products The sellers or the merchants are responsible for collecting the sales tax from the buyer and deposit it with the authority or the sales tax department The rates of sales tax vary from product to product also from states to states Property Tax Property tax is charged on the basis of the assessed value of the property of an assessee and the rates may vary from state to state Gift Tax If a See Answer

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TYPE ANSWERS1.Be able to identify and calculate different types of taxes, thetax system in the United States, and importanttax terminologyBe able to prepare a comprehensive budget, and know how toclassify different sources of income andexpensesUnderstand contract terminology and terminology associated withchecking and bankingKnow what a bank reconciliation is, its purpose, and the basicidea of how it is done