Income Tax - Financial Literacy - IntoMath
An income tax is the portion of your earnings that you pay to support public services and Government programs.
In most countries, income tax is calculated based on a progressive system – the more money you make, the higher share you pay in taxes.
The tax return that you submit every year before a certain due date, specified by the Revenue Agency, usually includes the following types of income:
Employment Income (when you work for someone and are an employee)
Self-Employment Income (when you work for yourself and when you have contracts with others)
Pension Income (if you are collecting pension because of retirement)
Investment Income (if you have a property that you are renting or if you have money in the bank savings account that is gaining interest)
Learn more here: https://intomath.org/what-is-income-tax/
