Withholding Allowance An allowance an individual claims on a W-4 Form. Your withholding allowances will determine how much money is taken out of your paycheck each time you get paid, so know how to use them to your benefit.A withholding allowance is mainly used to assist an employer in calculating the amount of income tax to withhold from an employee's paycheck. The more … [Read more...]
What is Tax Refund ?
Tax Refund A tax refund or tax rebate is a refund on taxes when the tax liability is less than the taxes paid. The return of excess amounts of income tax that a taxpayer has paid to the state or federal government throughout the past yearTaxpayers can often get a tax refund on their income tax if the tax they owe is less than the sum of the total amount of the withholding … [Read more...]
Millage Rate:Explained
Property tax, or millage tax, is an ad valorem tax that an owner is required to pay on the value of the property being taxed. Property tax can be defined as "generally, tax imposed by municipalities upon owners of real property within their jurisdiction based on the value of such propertyThe property tax rate is often given as a percentage. It may also be expressed as a … [Read more...]
Ad Valorem Tax
An ad valorem tax is a tax based on the value of real estate or personal property. It is more common than a specific duty, a tax based on the quantity of an item regardless of price.The funds raised by such taxes are used to support the workings of government. Many provincial governments have an ad valorem tax code, and municipalities have their own ad valorem taxes, such as … [Read more...]
What are Hidden Taxes?
Hidden Taxes A hidden tax is a tax that is not visible to the taxpayer. These taxes can raise prices of goods and lower salaries for wokers. Hidden taxes, although hidden, can decrease the purchasing power of individuals significantly.Taxes that are indirectly assessed upon consumer goods without the consumer's knowledge. Hidden taxes are levied upon the goods at some point … [Read more...]