Taxation of Individuals

Taxation of individuals refers to the process where the government collects a portion of your income to fund public services like roads, healthcare, and education. Depending on your income level and sources, you may pay different types of taxes, primarily income tax. The amount you owe is calculated based on tax laws, which often include various deductions and credits to adjust your liability. Paying taxes is a civic duty that helps maintain and improve community infrastructure and services. Most individuals file annual tax returns to report their earnings and determine their tax obligations.