What is income tax?
An example of an AI chatbot conversation about income tax and its implications.
What is income tax?
Income tax is a tax imposed on individuals or entities based on their income or profits.
How is income tax calculated?
Income tax is typically calculated based on a percentage of your taxable income, which can vary by jurisdiction.
What are the different tax brackets?
Tax brackets are ranges of income that are taxed at different rates, often increasing as income rises.
Are there any deductions I can claim?
Yes, common deductions include mortgage interest, student loan interest, and certain business expenses.
What happens if I don't pay my income tax?
Failing to pay income tax can result in penalties, interest charges, and potential legal action by tax authorities.
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