In: Accounting
what are some federal taxs most individuals are
subject to beside SSI and medicare and federal income ?
Federal tax is the money used by the government of a country to pay for the growth and upkeep of the country. Some look at federal tax as “rent” charged to live in a country, or the fee to use the resources provided by a country. When you pay tax to the American government, you’re in effect investing in your economy as the government uses the funds to do the following:
Build, repair, or maintain infrastructure
Fund the pensions and benefits of government workers
Provide food and housing assistance to the poor
Improve sectors such as education, defense, health, agriculture, utilities, and public transportation
Embark on new feats such as space exploration
Provide emergency disaster relief
These are some of the federal expenses other than medical and SSI which are provided