Why do we pay tax?
The tax paid by us becomes a receipt (income) for the government of India. They use the receipts to fund essential expenses like defence, police, judiciary, public health, infrastructure etc. Generally speaking, we can say that the tax money is used to fund recurring and non-recurring expenses of the country.
Where does all tax money go?
All citizens must pay taxes, and by doing so, contribute their fair share to the health of the government and national economy. The federal taxes you pay are used by the government to invest in technology and education, and to provide goods and services for the benefit of the American people.
How much do you have to make to file taxes?
Single filing status:$12,400 if under age 65$14,050 if age 65 or older
Married filing jointly:$24,800 if both spouses under age 65$26,100 if one spouse under age 65 and one age 65 or older$27,400 if both spouses age 65 or
Married filing separately -$5 for all ages
Head of household:$18,650 if under age 65$20,600 if age 65 or older
Why does the government need to collect taxes?
Mandatory Spending. There are certain expenses the government has no choice in paying each year.
Discretionary Spending. The other one-third of the tax revenue the government collects can be spent according to the country’s current needs,determined by Congress and the president.
State Tax Collection.
Social Security.
Why is it important to pay taxes?
The requirement of Law: According to law,every citizen of the country must pay taxes.
Source of Internal revenue: Tax is a source of internal revenue through which the financial system of the country runs.
Source to provide facilities to the citizens: All the facilities that the government provides to the citizens come from tax money.
What are the options when you owe taxes?
IRS Direct Pay allows payment directly from a checking or savings account. This service is free.
Electronic Federal Tax Payment System,or EFTPS. Pay by phone or online. This service is free.
Debit or credit card payment . This service is free,but the processing company may charge a fee. Fees vary by company.
Check or money order made payable to the United States Treasury (or U.S. Treasury) either in person or through the mail.
Cash payments at some IRS offices or at a participating PayNearMe location. Some restrictions apply. Taxpayers should not send cash through the mail.