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What is the difference between an imposed fee and a tax?
Is there a difference between a tax and a fee? As a general rule of thumb, taxes are collected by governments at all levels and go into a general fund used for any legitimate government expense. That is, a fee is assessed for a particular service, and the money collected is generally earmarked for that service.
What is a imposed fee?
The term “impose” refers to the act of placing a fee, levy, tax, or charge on an asset or transaction to the detriment of the investor. The imposition of fees is a common practice in most investment products and services and may be used as a deterrent to selling or exiting a financial position early.
What is difference between debt and tax?
Tax distinguished from Debt. tax is generally payable in cash, while debt is payable in cash or in kind. O d. person may be imprisoned for a non-payment of taxes, but any person may not be imprisoned for non-payment of debt.
What happens when you don’t pay taxes?
If you continue avoid paying your tax bill, the unpaid amount could come out of future tax refunds if you’re owed any. The lien could later become a levy, which means the IRS will seize your property to pay your bill. As with failure to file taxes, you can also go to jail for failure to pay taxes.
What is the English dictionary definition of enforced?
Define enforced. enforced synonyms, enforced pronunciation, enforced translation, English dictionary definition of enforced. tr.v. en·forced , en·forc·ing , en·forc·es 1. To compel observance of or obedience to: enforce a law.
What is the definition of contribution in accounting?
Contribution definition. March 18, 2018/. Contribution is the amount of earnings remaining after all direct costs have been subtracted from revenue. This remainder is the amount available to pay for any fixed costs that a business incurs during a reporting period. Any excess of contribution over fixed costs equals the profit earned.
What is the meaning of the word enforcer?
1. To compel observance of or obedience to: enforce a law. 2. To impose (a kind of behavior, for example): enforce military discipline. 3. To give force to; reinforce: “enforces its plea with a description of the pains of hell” (Albert C. Baugh).
Why is it important to know the contribution concept?
The contribution concept is useful for determining the lowest possible price point at which products and services should be charged, and still cover all fixed costs. Thus, a detailed knowledge of contribution is useful in the following situations: Pricing.