Management and Organizational Studies 2277A/B Chapter Notes - Chapter 4: Capital Asset, Unemployment Benefits, Child Care

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

Document Summary

Background on taxes: taxes paid in earned income, personal income taxes: taxes imposed on income earned, td1 form is the the form employees ll out for employers so they know how much to withhold from their pay checks. Taxes paid on consumer purchases: excise tax: special taxes levied on certain consumer products such as cigarettes, alcohol and gasoline. Taxes paid on capital assets: capital assets: any asset that is acquired and held for the purpose of generating income. Taxes are paid on these assets when they are sold, gifted transferred or inherited. Capital gains occur when a capital asset is sold for more than out was originally purchased. Taxes paid on property: mill rate: the rate in which a municipality multiplies your assed property value by to determine the property tax you pay. The mill rate is equal to the amount of tax you should pay on .