The meaning of INCOME TAX is a tax on the net income of an individual or a business. How to use income tax in a sentence.
The meaning of INCOME TAX is a tax on the net income of an individual or a business. How to use income tax in a sentence.
The IRS defines income tax levies on an individual basis, according to the taxable net income or revenue of a given person or organization. A broader income tax definition includes the reasoning behind the taxes imposed—that is, to fund government operations. Income taxes are calculated and ...
Importantly, capital gains are usually excluded from income taxes and are subject to their own system of taxation. An income tax may be a flat tax, which means that all citizens pay the same percentage of their incomes to the government. Most of the time, however, an income tax refers to...
State income taxes are imposed and collected by the state government. The purpose is to tax the income of residents and companies conducting business in the state in order to fund state public services. Local income taxes are usually assessed by cities (for example, New York) and are not lim...
Income Taxes Payable.Accrued Liabilities"; "Advances From Affiliates"; "Current MaturitiesofCapital Lease Obligations"; "Capital Lease Obligations" and "Redeemable Preferred Stock". Sample 1 Examples ofIncome Taxes Payablein a sentence ButIncome Taxes Payablerepresents only the portion of this expense ...
Taxable income is the amount of income the government can impose taxes on. It refers to the amount of income tax you would pay on yearly salaries or wages. The exact amounts will vary depending on the individual or business. Taxable income can come from various sources. ...
What Is Other Income? OtherUncommonIncome We use the term "Other Income" as a category; it is different than referring to income as just a different type of income. "Other Income" is its own line entry on the federal Schedule 1 on the Schedule 1, Line 8 is Other Income and has 17...
A current liability account which reflects the amount of income taxes currently due to the federal, state, and local governments. Related Q&A What are payroll taxes? Where do you account for payroll taxes on the income statement? Are the sales taxes part of a retailer's sales? Is income tax...
Notwithstanding the immediately preceding sentence, if any member of the TODCO Tax Group becomes a member of such Group after the IPO Closing Date (determined after the application of Section 2.5(a) of this Agreement), TODCO shall be liable for all Foreign Income Taxes imposed on such member ...