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| *Loan,banking and credit>>>income tax |
One reason that the Federal Government collects income taxes as a person earns income is so that? |
One reason that the Federal Government collects income taxes as a person earns income is so that: a - people do not realize exactly how much they are paying. b - the money can be put aside until it is needed. c - the government can pay bills as they come due. d - taxpayers can qualify for refunds of excess taxes. Thank you! c. The government can pay bills as they come due. No supplier is going to be willing to supply the govt all year long and wait until after the year is over to get it's payment. Your electric company wants it's money ASAP, so does the electric companies that supply the US govt with it's electric.While government cash flow is one consideration, a quarterly payment (like self employed people do) would serve the same function. The main reason they take it out as you earn it is because otherwise most people would have spent the money and the government would have a heck of a time collecting! Plenty of self-employed people fall into this trap-- they can;t pay the taxes they owe. If wage earners did this, too, there would be a serious lack of funds. c. would be the correct answer. An argument could be made for a. also. |
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