Welcome to my wall! by Takiis Mills https://padlet.com/takiismills16/ydj7y4h1uc7n Understanding income Tax en-us 2019-04-01 18:45:32 UTC 2025-11-02 17:46:49 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Balance.png Introduction takiismills16 https://padlet.com/takiismills16/ydj7y4h1uc7n/wish/347348921 Welcome to my pallet wall! I will be introducing income tax and you will get the opportunity to know what it is. There are numerous tips and resources I will be providing for a better insight on income tax. Keep reading and Enjoy!]]> 2019-04-01 18:48:54 UTC https://padlet.com/takiismills16/ydj7y4h1uc7n/wish/347348921 Image #1 takiismills16 https://padlet.com/takiismills16/ydj7y4h1uc7n/wish/347350607 What is income tax? Income tax is imposed by government that is taken directly from one’s income. This is used for health care or to pay anyone serving the country. Everyone who payed tax gets the opportunity to get return on tax paid.

]]> 2019-04-01 18:52:19 UTC https://padlet.com/takiismills16/ydj7y4h1uc7n/wish/347350607 Image #2 takiismills16 https://padlet.com/takiismills16/ydj7y4h1uc7n/wish/347398087 This image is a sample of a T4 slip. A T4 is something used by the employer you get at the end of the year. This indicates what you have been paid and the amount deducted for the year this includes CPP, EI contributions etc… ]]> 2019-04-01 21:17:32 UTC https://padlet.com/takiismills16/ydj7y4h1uc7n/wish/347398087 website #1 takiismills16 https://padlet.com/takiismills16/ydj7y4h1uc7n/wish/347398839 There are numerous types of Income taxes; 

1.       Payroll income – this type of income tax that is compulsory for the employer, this comes from the employer or employee’s salary   
 
2.       FICA Tax income – Federal insurance contribution Act is used by employers withholding taxes in three separate wages of employees 
 
3.       Federal unemployment Tax income – this is paid for by the employer the first 7000 dollars the employee owns and its normally 6.2%.
 
4.       Capital Gain income – selling stocks, bonds or assets that you own for at least a year which are not inventory. 

More information can be found on these at ;

]]> 2019-04-01 21:21:28 UTC https://padlet.com/takiismills16/ydj7y4h1uc7n/wish/347398839 Website #2 takiismills16 https://padlet.com/takiismills16/ydj7y4h1uc7n/wish/347432918 The government of Canada provides numerous services and information on income tax that are related to the public’s well-being. Even first-time filers can get the opportunity to explore and understand. Anyone with the certification can file tax based on the type of income tax; it could be personal income tax, corporation income tax, partnership income tax, business or professional income tax, trust income or international and non-resident income tax.  This website provides useful instructions and information to users. Tax forms are also provided, and the filer could download it as long as the filer have the software, rules and regulations of the income tax.


]]> 2019-04-02 01:01:33 UTC https://padlet.com/takiismills16/ydj7y4h1uc7n/wish/347432918 Video #1 takiismills16 https://padlet.com/takiismills16/ydj7y4h1uc7n/wish/347436679 Ian uses this video to demonstrate ways of doing income taxes in Canada. He walked step by step throughout the video to ensure that everyone understood what he was saying. He has been in this field for quite sometime now so he would know what he is doing. Ian also mentions some courses a person can take in order to become a tax filer or get more familiar with income tax. A sample T1 form was used in this video, a t1 form is a method used when filing personal income, this entails your personal information such as; your social insurance number etc...
       
 

]]> 2019-04-02 01:18:24 UTC https://padlet.com/takiismills16/ydj7y4h1uc7n/wish/347436679 Website #3 takiismills16 https://padlet.com/takiismills16/ydj7y4h1uc7n/wish/347444020 This website provides a filer with the basics of income tax, this shows you why you pay taxes. An individual pays taxes because he or she get the opportunity to use public facilities 


]]> 2019-04-02 01:56:31 UTC https://padlet.com/takiismills16/ydj7y4h1uc7n/wish/347444020 Video #2 takiismills16 https://padlet.com/takiismills16/ydj7y4h1uc7n/wish/347453145 This shows how to save Taxes for Canadians. An individual should know these tips as there are four according to this video. The government of Canada cuts down on the taxes and growth of benefits, they simply do this because they want to make life easier.
 
1.      Family life tax cut by decreasing bills, this can be done if the partner transfers money that is taxable.
 
2.      Child care benefit- children gets monthly income between the age of 6 –17 as this is beneficial to families. 
 
3.      Childcare expense deduction
 
4.      Children fitness tax credits, this is used if a child does sports 
 
]]> 2019-04-02 02:53:03 UTC https://padlet.com/takiismills16/ydj7y4h1uc7n/wish/347453145 video #3 takiismills16 https://padlet.com/takiismills16/ydj7y4h1uc7n/wish/347457597 As mentioned, one of the websites above there are also course an individual can take. It helps you to give the necessary training needed to do your taxes. This allows them to get back more by knowing what you are deducting and what they are entitled to. This training gives everyone the opportunity to understand and go through with an expert, there are common errors a person does when filing and this video point out all the mistakes.  Persons don’t often file every tax and this is while they need experts to carry out this task for them in order to get what they deserve .


]]> 2019-04-02 03:19:01 UTC https://padlet.com/takiismills16/ydj7y4h1uc7n/wish/347457597 Video #4 takiismills16 https://padlet.com/takiismills16/ydj7y4h1uc7n/wish/347457955 2019-04-02 03:21:50 UTC https://padlet.com/takiismills16/ydj7y4h1uc7n/wish/347457955 website # 4 takiismills16 https://padlet.com/takiismills16/ydj7y4h1uc7n/wish/347462223 The website is a useful one. it is very important to file your tax on time as there are penalties you may face and each year you should file them this website provides you with the penalties that an individual face if tax has not been filed.  they notify you and you are the one responsible to do your taxed that why they provide the necessary documents and services online . ]]> 2019-04-02 03:53:18 UTC https://padlet.com/takiismills16/ydj7y4h1uc7n/wish/347462223