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/