The tax that Jose Altuve pays on his annual earnings of $625,000 is an income tax. Income tax is a tax imposed by the government on individuals' earnings from various sources, including wages, salaries, and investment income. The specific rate and amount of income tax he pays can vary based on his total income, tax deductions, credits, and the tax laws in his jurisdiction.
Jose Altuve for the Houston Astros makes $625,000 every year. He has to pay taxes on the money his annual earnings. Which type of tax is that?
1 answer