Previous Page

Income tax

AnalyticsTrade Team
AnalyticsTrade Team Last updated on 26 Apr 2023

Table of Contents

Income Tax

Income tax is a tax imposed by governments on the income of individuals or businesses within their jurisdiction. It is usually a percentage of the income earned by an individual or business. Income tax is usually calculated as a percentage of the total income earned by an individual or business. It is usually paid to the government on a regular basis, such as monthly or annually. Income tax is usually used to fund government services and programs.

History of Income Tax

Income tax has been around for centuries, with the earliest known income tax being imposed in Egypt in 3000 BC. In the United States, the first income tax was imposed in 1861 to help fund the Civil War. Since then, income tax has become a major source of revenue for governments around the world. In the United States, income tax is collected by the Internal Revenue Service (IRS).

Comparison of Income Tax Rates

Country Income Tax Rate
United States 10-37%
United Kingdom 20-45%
Canada 15-33%
Australia 19-45%

Summary

Income tax is a tax imposed by governments on the income of individuals or businesses within their jurisdiction. It is usually a percentage of the income earned by an individual or business. Income tax is usually calculated as a percentage of the total income earned by an individual or business. It is usually paid to the government on a regular basis, such as monthly or annually. For more information about income tax, visit the Internal Revenue Service (IRS) website in the United States, the HM Revenue & Customs website in the United Kingdom, the Canada Revenue Agency website in Canada, and the Australian Taxation Office website in Australia.

See Also

  • Taxation
  • Capital Gains Tax
  • Corporate Tax
  • Value Added Tax
  • Inheritance Tax
  • Payroll Tax
  • Sales Tax
  • Property Tax
  • Excise Tax
  • Tariff

Do you like the post? Share it now:

AnalyticsTrade Team

AnalyticsTrade Team

🎉 Introducing AnalyticsTrade's exceptional team of expert analysts! 🌟 These seasoned pros have been dominating the capital market, trading a diverse range of assets for more than 15 years! 📈💹 Get ready to level up your game with our top-notch, captivating resources in the capital market! 🚀📚

Was this article helpful?

X

Thank You for Contacting Us!

Your email has been successfully submitted and we will get in touch with you shortly