Management and Organizational Studies 2277A/B Lecture Notes - Lecture 5: Government Communications Headquarters, Tax Evasion, Progressive Tax

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2277A/B
• Professor: Barry Hawn

Document Summary

Personal income taxes: taxes imposed on the income you earn. Td1 form: helps employer calculate the amount of taxes to withhold from the taxes are withheld from each pay cheque as income is earned throughout the year. paycheque. Personal tax credits will have less income deducted from the pay cheques. Individuals can opt to withhold less from their income, the tax money withelf is forwarded by employer to federal government at an account credited to you. If you still owe taxes, you should include a cheque for the taxes owed along with ti. General (tax return for every year you earn income) Gst paid at the time of the transaction, imposed by federal government. Excise taxes: levied on certain consumer products such as cigarettes, alcohol, and gasoline. Capital asset: any asset that is acquired and held for the purpose of generating income. Tax is paid on these assets when they are sold, gifted, or inherited.