ABSTRACT
Subsequently, there are different types of tax returns that may require quarterly or annual filing. For instance, you must file your personal tax return annually. Think about how you are likely to pay for your driver’s license in a different place and file different forms compared to procuring a business license or a marriage license, with the filing process and payment collected through different offices or websites. Most income, including earned income, is taxed at what’s called the ordinary rate. Ordinary rate is simply the rate you will wind up being taxed at for most of your income, which is often higher than the preferential rates for investment income. Payroll taxes, unlike income taxes, are conditional on employment, meaning that these taxes are paid as a result of being an employee or having employees.
