The definition of income depends on the context in which the term is used. For example, tax law uses the concepts of gross income, which includes all income in all its forms, and taxable income, which is gross income net of expenses and other adjustments. On the other hand, the standard...
Define income tax. income tax synonyms, income tax pronunciation, income tax translation, English dictionary definition of income tax. n. A tax levied on net personal or business income. American Heritage® Dictionary of the English Language, Fifth Edi
The term “personal income” is sometimes used to refer to the total compensation received by an individual, but this is more aptly referred to as individual income. In most jurisdictions, personal income, also calledgross income, issubject to taxation above a certain base amount.1 Personal inco...
Definition of Income Taxation in the Legal Dictionary - by Free online English dictionary and encyclopedia. What is Income Taxation? Meaning of Income Taxation as a legal term. What does Income Taxation mean in law?
Ideally, a progressive income tax structure should promote social equity by redistributing income but also encourage enterprise and initiative by avoiding penal rates of taxation at the upper end of the scale and, together with the SOCIAL SECURITY provisions, provide suitable incentives to work at ...
Definition Income tax is the money paid by individuals to federal, state, and, in some cases, local governments, and includes taxation of ordinary income and capital gains. Generally, U.S. citizens, residents, and some foreigners must file and pay federal income tax. ...
income tax effective January 1, 2022. Earned wages are not subject to taxation in New Hampshire, but interest and dividend income are. By the end of 2023, New Hampshire will start gradually eliminating these taxes, and by the end of 2027, there will be no personal income tax in the ...
Taxation of unearned and secondary income Capital gains The taxation of capital gains and losses presents a special set of problems to which different countries have found different answers. An increase in the value of a capital asset—a share of stock, a corporate or government bond, or perhaps...
Non-taxable income, on the other hand, refers to income that is received but that is not subject to taxation. However, even if such forms of compensation cannot be taxed, they still need to be reflected in the tax return. Examples of non-taxable income are: ...
Define Taxable income elasticity. Taxable income elasticity synonyms, Taxable income elasticity pronunciation, Taxable income elasticity translation, English dictionary definition of Taxable income elasticity. or Laf·fer Curve n. A curved graph that ill