Essay On Personal Taxation
BOHAN ZHANG
BSBA12005
Assignment 1.
Personal Taxation
Personal taxation is a direct tax levied on income of a person. A person includes an individual, a company, an Association of Persons (AOP) or Body of individuals (BOI), a local authority, a non-juristic body of person and an undivided estate. In general, a person liable to personal taxation has to calculate his tax liability, file tax return and pay tax by the end of the year to the government.
Taxpayers are classified into resident and non-resident. In order to file the tax return, people must know which category he belongs to. Sometimes both status are applicable on a person in the same year, in this case, he is a dual status alien for which special rules apply. The designation of
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And it plays a key determinant in household decisions on working extra hours and making contributions to charity. This method aims to fairly tax individuals based upon their earnings, which refers to a lower income consumers are taxed at lower rate than higher income consumers. Some people believe this is the most equitable method of taxation, while others believe it discourages business investment by removing the incentive to work harder. Well, it seems reasonable for most of the people since us as human beings always have the incentive to earn more and to live better.
Another important section of taxation is tax deduction. The tax liability is calculated by subtracting the personal deduction and standard exemption from taxable income, therefore, tax deduction and exemptions are inversely related with tax liability. And they are often used to entice taxpayers to participate in programs which have a societal benefit, such as charitable donations, people are imposed by less tax since the donation amount are removed from taxable income. Thus, both the taxpayer and society are
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