Every citizen who is running a business, he is retailer, wholesaler or entrepreneur and is legally enough financial strong has to pay some percentage of the money to the government where you are living.
If any tax-payer fail to submit or a tax-thief does will definite get punished. Punishment can be imprisonment, impose have fine or it can be snatch the property of any kind from the tax-payer.
Purpose of taking taxes
Tax is very important for any government. Taxes are taken for the country welfare:
- It uses for the development projects of the countries such as: road, government hospital, water and sanitation, public parks etc………
- Tax money used for the welfare of low class.
- Laws and order of country.
- Public transports.
- It also use to give subside to public.
- Water management programs
- Tax use for decrease the un-employment level of the country.
Taxes are taken by the government from the business class for the development of the country and the lower class of the country. Tax has been taken on the total GDP of any country. Some of the countries are listed below who take tax according to GDP:
Name of Countries
Tax on % GDP
Pakistan
10.2%
India
17.7%
USA/ New York city
26.95
UK
29.0%
Canada
32.2%
Australia
25.8%
China
22.0%
Tax taken by different states is different, but there are some of the states who do not take single money as a tax and they are UAE and Saudi-Arabia.
Types of tax:
There are different types of tax taken by different states which are:
- Income tax
- Sale tax
- Property tax
- Payroll tax
- Fee and other taxes
- Social security tax or contribution
Sales tax
Sales tax is a tax taken by a specific state department on buying and selling of different good goods and services.
New York a tax- payer city
New York City gives a big tax- payer of USA. It gives alone a large amount of tax to the state. It gives 2.907%-3.648% of tax to the state. The taxes are taken only at certain level of income.
Sales tax in New York (USA)
Sale tax services in New York City are imposed on all the leased and sale goods and services. All the general taxes are exempted.
Exempted sale taxes in New York City
Following goods and services are exempted from taxes in New York City
- Education
- Medical facilities
- Old people and senior citizen home owner
- School buses taxes
- Disable person house tax
- Food use for home
- Welfare organizations are all exempted from sale taxes.
- Refrigerator, television etc. use for research and development
- Clothing and foot wear less than 110 $
Taxes on Goods and Services in New York
Sale tax services in New York are very high and are not exempted on following goods and services:
- Food used for catering, parties, hotels etc.
- Excluding some of the properties which are exempted are all included for sale tax.
- All the utilities have taxes such as: telephone, mobiles, television, electricity, gas and water.
- Hotel rooms
- Taxi ride
- Cigarette smoking
- Restaurant food
- Cloths and foot wear equal or more than 110$
Taxes services in NYC and its percentage
- NYC tax services are highly costly some of the % of sale tax services in NYC is:
- If you purchase a pair of shoes or a clothes up to 110$ or more you have to pay a tax
- If you buy a pack of cigarette having 20 pieces cost 1.50$, you have to give 4.35$ to the state and 5.85$ per pack NYC tax services.
- A person hire a hotel room worth 40$ per night, he has to give 3.5%$ to State 14.355$ as local tax and 5.875%$ to NYC tax services.
- If a person hires a taxi ride he has to pay 50% of the total charges.
How I get help for my business?
New York City has many tax services accountant to advice the business owner how to establish and how to run the business properly some of the evident feel happy while get touched to these accountants for the better help and advices to run business.
Tax consultants NYC are doing their job well they are helpful for tax-payer and tell them how to resolve their taxes.
Source : articlesbase.com
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