Income tax dictionary definition




Tax Code Part I . Gain from the sale of collectibles and, generally, the taxable part of your gain from the sale of qualified small business stock held more than 5 years. a tax on an individual's net income, after deductions for various expenses and payments such as charitable gifts, calculated on a formula which takes into consideration whether it is paid jointly by a married couple, the number of dependents of the taxpayers, special breaks for ages over 65, disaMeaning of Portfolio Income facts. income synonyms, income pronunciation, income translation, English dictionary definition of income. You can complete the definition of income tax given by the English Definition dictionary with other English dictionaries: Wikipedia, Lexilogos, Oxford, Cambridge, Chambers Harrap, Wordreference, Collins Lexibase dictionaries, Merriam WebsterUnderstanding tax terms can make tax preparation less stressful. Some costs can be offset against tax, which means that you pay less tax because of them. Proposing the legislation Pitt pointed to evasion of existing assessed taxes and claimed that the levies on income were equitable if not ‘perfectly free from the objection of inequality’. Additionally, certain income an individual or corporation derives may be tax exempt, even though the individual or corporation would owe taxes otherwise. The amount of money or its equivalent received during a period of time in exchange for labor or services, from the sale of goods or property, or asincome tax was introduced in 1799 by William Pitt's government to fund the war against the French. S. tax-free income The income Talking about tax If a government makes you pay tax, they levy or impose a tax. The theory is that this means foreign and domestic earnings of an entity will as far as possible be similarly taxed, although usually the credit allowed is limited to the amount of domestic tax, with no carry over if tax is higher Define income. You can also add a definition of Additional Tax yourselfincome tax n. Income Tax: An income tax is a tax that governments impose on financial income generated by all entities within their jurisdiction. Any nation with an income tax is not truly a free country, because it requires that a substantial percentage of your income goes to the government without your consent. If a citizen refuses to pay this tax, they will often be arrested at point of gun, and put in jail - making it a true definition of slavery. It is also used to describe a tax that is imposed on income made by a non-resident from securities. Definitions of tax income: . TAX INTERCEPT the process by which a child support judgment debtor's federal and state income tax refunds are diverted to pay a support arrearage. noun: government income due to taxation . Other important definitions like "taxable income" and "adjusted gross income" can also be found in 26 U. What does Additional Tax mean? Here you find 4 meanings of the word Additional Tax. Some examples of tax-deductible items include mortgage interest , state and local taxes , unreimbursed business expenses , and charitable contributions . n. 401(k) PlanTax-Exempt Income Income that is not subject to taxation. § 61. For example, coupons from a municipal bond are tax exempt at the federal level. 0-9 28% rate gain. A an immoral & corrupt system used to enslave the working population of a given state Search income tax and thousands of other words in English definition and synonym dictionary from Reverso. If income received from abroad is subject to tax in the recipient's country, any foreign tax on that income may be credited against the domestic tax on that income. If you take tax off an amount, you deduct it, and if you claim back tax you have already paid, you reclaim it. See also: Tax credit, tax deduction. . Use TaxAct's Tax Dictionary to help clarify any confusion while filing taxes. Definition Capital Gain What it means The gain from the sale or exchange of a capital asset ; Definition Automobile Expenses What it means expenses only to the extent the automobile is used for business, for charitable purposes ; Definition Section 125 Plan What it means See Cafeteria Plan ; Definition Additional Child Tax Credit What it means taxpayers with Tax authorities specify the items that can be deducted from gross income for the purpose of reducing taxable income, and the specific rules governing the deductibility of each of these items. "Gross income" can be generally defined as "all income from whatever source derived;" a more complete definition is found in 26 U. Withholding tax refers to the amount that is deducted from the employees’ salary by the employer representing his or her contribution to the government. Cart ( 0) Free Online Dictionary. Related words Use in a sentence Search for tax income at other dictionaries: OneLook, Oxford, American Heritage, Merriam-Webster, WikipediaTAX INTERCEPT - Free definition results from over 1700 online dictionaries. By law, businesses and individuals must file an income tax income tax: 1 n a personal tax levied on annual income Types: show 6 types hide 6 types bracket creep a movement into a higher tax bracket as taxable income increases estimated tax income tax paid periodically on income that is not subject to withholding taxes; based on the taxpayer's predicted tax liability FICA a tax on employees and income tax - WordReference English dictionary, questions, discussion and forums. | TAX …Words contain "tax income" in its definition in English - English (Wordnet) dictionary: unearned revenue unearned income laffer curve estimated tax revenue endowment unreportable reportable tithe …Withholding Tax Definition. All Free. 1. C


 
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