Study morphological and mechanical feature - Myassignmenthelp.Com

Question: Discuss about the Study of the morphological and mechanical feature. Answer: Type of tax system used to determine the taxpayers income and its functioning One of the taxation systems used to determine the income of a taxpayer in the form of income tax. Canada Revenue Agency collects tax charged on the income received by an individual in a particular financial year. Income tax charged on all the residents of Canada by stating various tax rates according to the taxable income of all the individuals. MS Excel is quick calculation software used in determining the tax of a taxpayer Cynthia and Aldo in a business year (Nicholls, Sandler, Tedds Compton, 2018). This software simplifies the complexities of the data of the client which includes all the information about the income and expenditures of a person. The tax rate in Canada differentiates as according to the taxable income of an individual in determining their tax obligations in a given span of time. RRSP amount identifies by tax advisors to decrease the overall obligations of tax of a Canadian resident. Aldo and Cynthia are both the residents of Canada to qualify for taking deductions in reducing their tax liabilities for the year 2017. Officials of Canada charges income tax on the taxable income of an individual earned from various sources such as employment income, business income, other income and capital gain income. Deductions such as RPP and RRSP will get deducted from the total taxable income to determine the net income (Anderson Gallagher, 2018). Rates are categorized into two criterias such as Federal and Ontario which helps in identifying their tax liabilities. Two different kinds of tax systems used in Canada and how it is different from income tax Various Taxation systems used in Canada in determining the income of a taxpayer includes harmonized Sales tax and valued added tax. Sales tax is charged on the inter-state sales from one city to another (Momenzadeh and et.al.,2018). 13% Sales tax charged in Ontario will add in the cash register which will sum up as a final market retail price of all the goods or services sells by the firm. Segmentation of the total 13% sales tax has stated in the official tax rule of Canada that 8% of the sales tax goes to the provincial government and rest 5% will go to the federal government as both these play an integral role in moving the goods from one place to another (Bell Vaillancourt, 2018). It is charged only on the sales transactions as in income tax is charged on the taxable income of an individual. Another tax system used in Canada is valued added tax system which is an indirect tax whose burden imposed on all the external users. Sellers who sales goods and services use this tax to shift the overall burden on the shoulders of the customers. An individual will pay the hidden amount of value added tax included in the price of the product. Calculate the effective rate of tax payable for 2017 Discuss whether the tax payable by the taxpayer is fair and equitable Yes, tax payable by the taxpayer in a particular financial year is fair and equitable as the taxation principle aims to determine the tax according to the taxable income of an individual. Tax rate of the country play an important role in increasing or decreasing the burden of tax of a taxpayer as a tax rate of Canada is segregated into federal and Ontario is lower as compared to the tax rate of UK and Australia which is 30% and 37-472%. REFERENCES Anderson, G., Gallagher, J. (2018). Intergovernmental Relations in Canada and the United Kingdom. InConstitutional Politics and the Territorial Question in Canada and the United Kingdom(pp. 19-46). Palgrave Macmillan, Cham. Bell, D., Vaillancourt, F. (2018). Canadian and Scottish Fiscal Federal Arrangements: Taxation and Welfare Spending. InConstitutional Politics and the Territorial Question in Canada and the United Kingdom(pp. 79-103). Palgrave Macmillan, Cham. Momenzadeh, M., and et.al., (2018). Study of morphological and mechanical features of multinuclear and mononuclear SW480 cells by atomic force microscopy 3. Nicholls, C. C., Sandler, D., Tedds, L. M., Compton, R. A. (2018). Quantifying the Personal Income Tax Benefits of Backdating: A CanadaUS Comparison.Columbia Journal of Tax Law. 3(2).