Chapter 4, Problem CC.15Q

Summary Introduction

To explain:

The difference between the actual and estimated tax liability of the family, the change in their financial situation due the difference between the actual and estimated tax and recommendations to be made.

Introduction:

Tax refers to the amount that is charged by the government on the income or the services earned by the people in an economy for utilizing the sources of the economy. It is considered as the revenue earned by the government of an economy.