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.
In U.S. tax, an individual'sincomeafter alldeductions. Individuals andcorporationsmay eliminate certainexpensesfrom their incomes for tax purposes. For example, if someone makes $30,000 per year and spends $4,000 on tuition for college, that person's taxable income is reduced to only $26,00...
The meaning of (INCOME) TAX RETURN is a report that a person sends to the government about the money that he or she has earned and the taxes that he or she has paid in one year.
Do I Have to Pay Income Tax on Share Dividends?
Personal Income Tax In subject area: Economics, Econometrics and Finance Money income is defined as income received on a regular basis (exclusive of certain money receipts such as capital gains) before payments for personal income taxes, social security, union dues, Medicare deductions, etc. From:...
income tax a DIRECT TAX imposed by the government on the INCOME (wages, rent, dividends) received by persons. The government uses income tax in order to raise revenue (see BUDGET), as a means of redistributing income (see DISTRIBUTION OF INCOME) and as an instrument of FISCAL POLICY. Inc...
Inflation has distorted the system of income tax, undermined its equity, created a fiscal drag, and led to demands for indexation of tax thresholds and allowances. Negative income tax is a system of taxation that operates on the basis of tax credits that can be used either to off-set tax...
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.
3.4mn tax returns still to be filed as deadline looms HMRC is taking a tougher line on fines, experts warn January 3 2025 Online traders warned to check tax return status Deadline looms as Airbnb, eBay and other platforms report individuals’ income ...
Net income after taxes (NIAT) is thenet incomeof a business less all taxes. In other words, NIAT is the sum of all revenues generated from the sale of the company's products and services minus the costs to run it. Companies and analysts can also use thenet-of-taxcalculation to determin...