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Regarding the tax calculator

Taxes are mandatory contributions levied on individuals or corporations by a government entity—whether local, regional or national. Tax revenues finance government activities, including public worksand services such as roads and schools, or programs such as Social Security and Medicare. In economics, taxes fall on whoever pays the burden of the tax, whether this is the entity being taxed, such as a business, or the end consumers of the business’s good.From an accounting perspective, there are various taxes to consider, including payroll taxes, federal and state income taxes, and sales taxes.

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To help fund public works and services—and to build and maintain the infrastructure used in a country—a governent usually taxes its individual and corporate residents. The tax collected is used for thebetterment of the economy and all who are living in it. In the United States and many other countries in the world, income taxes are applied to some form of money received by a taxpayer. The money could be income earned from salary, capital gains from investment appreciation, dividends or interest received as additional income, payment made for goods and services, etc.Tax revenues are used for public services and the operation of the government, as well as for Social Security and Medicare.

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