taxpayment

Example:The local government relies heavily on taxpaying citizens for funding. The taxpayer has a duty to ensure their taxes are paid on time.

Definition:Someone who pays or is required to pay taxes; the person or entity that contributes taxes.

Example:The law requires all working adults to file an income tax form each year. Her income tax bill was higher than expected due to her recent salary increase.

Definition:A tax levied on the income of individuals or corporations, calculated and paid on an annual or other periodic basis.

Example:Sales tax varies significantly from one state to another. The new law made it illegal to collect sales tax on remote sales without a physical presence in the state.

Definition:A consumption tax assessed on retail sales of goods and services.