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It is true that if an overpayment resulted in a tax benefit, it makes no difference whether it is reimbursed or used to reduce the 2019 state federal income tax due.
The Internal Revenue Service (IRS) imposes a levy known as the federal income tax on the yearly income of people, businesses, trusts, and other legal entities. All forms of income that constitute a taxpayer's taxable income are subject to federal income taxes, including wages, salaries, commissions, bonuses, tips, investment income, and certain categories of unearned income.
Individual federal income tax rates in the US are progressive, which means that they rise in proportion to taxable income. Federal income tax rates range from 10% to 37%, and they become effective at a certain level of income. Tax brackets are the ranges of income that the rates apply to. Income that is subject to each bracket is taxed at that rate.
Learn more about Federal income tax here
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Answer: reseller markets
Explanation: In simple words, re-sellers refers to the buyers buying certain goods with the intention of selling them to anyone else. There are suppliers, retailers and distributors on the re-seller trade.
Re sellers can constrain their acquisitions to one product or company or offer a variety of brands and products.
These are the part of supply chain which makes their profit by adding value in the goods in form of providing any kind of service. For example the retailer provides commodities near the customer place hence charges extra for the time saving customer.
