From the course: Finance for Non-Financial Managers (2015)
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Understanding income taxes
From the course: Finance for Non-Financial Managers (2015)
Understanding income taxes
- Even numbers people can be scared of income taxes. Taxes make us nervous because we're not sure we understand all the tax implications of our business decisions. It is of critical importance to engage a professional when in doubt. But with that said, an overview of the purpose of the income tax system can take some of the edge off. So what is an income tax? An income tax is a required payment to a government based on the amount of a person's income or a company's profit. Now that seems like such a simple statement, but there's so much controversy and intrigue right there in that simple statement. For example, to what government? The government where I live? The government where I earn the money? Or the government of which I'm a citizen? So that needs to be decided in income tax accounting. Income taxes are based on what? Based on a straight percentage of taxable income? Based on an increasing percentage? That…
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