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Questions and Answers
What is the purpose of income tax?
What is the purpose of income tax?
- To determine the price of goods and services
- To discourage people from saving money
- To fund public services and government operations (correct)
- To control the stock market fluctuations
Who is typically responsible for paying income tax?
Who is typically responsible for paying income tax?
- Children under the age of 10
- Retired individuals
- Employers only
- Self-employed individuals and employees (correct)
When is the deadline for filing income tax returns in most countries?
When is the deadline for filing income tax returns in most countries?
- April 15th (correct)
- January 1st
- July 4th
- October 31st
What happens if an individual fails to pay their income tax?
What happens if an individual fails to pay their income tax?
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