According to Investopedia, a tariff is a tax placed on imported goods, while a quota limits the amount of a good that can be imported over a specified period of time. The price typically increases under both a tariff and a quota.
Since a tariff increases the cost of a foreign-made good, similar goods made by domestic companies also increase in price, according to Investopedia. Similarly, a quota increases prices by limiting the total supply of a particular good. A tariff-rate quota can be used when a tariff is set so high as to price a foreign good out of the domestic market, according to the World Trade Organization.Learn More
Workers can qualify for the Earned Income Tax Credit, or EITC, by gaining taxable earnings from an employer, business or farm and ranking in the correct income bracket based on specific household demographics, according to the Internal Revenue Service. While a childless person between the ages of 25 and 65 is eligible for the EITC, having qualifying children directly increases the credit total.Full Answer >
Some examples of direct taxes include income taxes, taxes on assets and real property and personal property taxes. These are taxes that a person must pay directly to the entity collecting the tax. The taxpayer is not able to shift the burden of these taxes onto another individual or group.Full Answer >
Find the California sales tax rate by visiting the California State Board of Equalization website. In the Taxes & Fees section, click Sales and Use Tax Overview, followed by the Find the Tax Rate link.Full Answer >
Forbes advices employees who do not receive a W-2 to contact their employer. The law requires employers to provide employees with copies of the form by the last day of January, but most send them out in advance.Full Answer >