Why We Pay Taxes

What is the meaning of personal tax? a tax paid by people on the money they earn, as opposed to a tax that a company pays on its profits: The government's tax cut reduces personal income tax rates. Compare. corporate income tax. corporation tax.What is HMRC personal taxation? What is an HMRC personal tax account? Her Majesty's Revenue and Customs (HMRC) is the UK's tax authority, responsible for administering benefits, collecting taxes, and enforcing tax and custom-related laws. It was formed in 2005 when the Board of Customs and Excise merged with Inland Revenue.What is a personal tax return? An individual tax return is an official form that a person submits to a federal, state, or local taxing agency to report all taxable income received during a specific period, usually the previous year. The recording of pertinent information assists in assessing the amount of tax that is due or was overpaid.What are examples of personal taxes? Learn about 12 specific taxes, four within each main category—earn: individual income taxes, corporate income taxes, payroll taxes, and capital gains taxes; buy: sales taxes, gross receipts taxes, value-added taxes, and excise taxes; and own: property taxes, tangible personal property taxes, estate and inheritance