Define Income taxes. Income taxes synonyms, Income taxes pronunciation, Income taxes translation, English dictionary definition of Income taxes. n. A tax levied on net personal or business income. American Heritage® Dictionary of the English Language,
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.
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...
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 ...
Taxes were also a fundamental part of ancient Greece and the Roman Empire. The religious aspect of taxation in Renaissance Italy is depicted in the Brancacci Chapel, in Florence. The fresco Rendering of the Tribute Money depicts the gods approving the Florentine income tax. In the United States...
21.the gain realized on an exchange of goods. 22.Often,returns.a yield or profit, as from labor or investment. 23.Also calledtax return. a statement on an official form showing income, deductions, exemptions, and taxes due. 24.Usu.,returns.an official or unofficial report on a count of...
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. Deferred Income Taxes," "Other Current Liabilities" or "Current Maturities of Long-Term Obligations" or for cash overdrafts or (b) from any breach or default by Seller under any Assigned Contract, all of which liabilities and obligations will constitute Retained Liabilities....
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...
Firstly, that promise not to put up income tax, VAT or National Insurance. FromBBC Council taxes are giving families a new financial worry as the yearly bills arrive with one of the largest increases in two decades. FromBBC Trump originally imposed a tax of 34% on Chinese imports last Wedn...