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Income Tax Basics

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Questions and Answers

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?

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?

April 15th (correct)

January 1st

July 4th

October 31st

What happens if an individual fails to pay their income tax?

<p>They face penalties and interest charges</p> Signup and view all the answers

Income Tax Basics

Choose a study mode

Podcast

Questions and Answers

What is the purpose of income tax?

Who is typically responsible for paying income tax?

When is the deadline for filing income tax returns in most countries?

What happens if an individual fails to pay their income tax?

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