Income tax The definition of income tax is the mandatory tax imposed by government entities onto businesses and legally employed citizens. In the U.S., income tax is collected and enforced by the Internal Revenue Service, or IRS. The IRS defines income tax levies on an individual basis, ...
Tax deductions allow you to reduce the amount of your income that is subject to income tax. These deductions are based on a variety of factors. Some relate to expenses you pay during the year while others are fixed by the government and have no relation
The Conservative Party of Canada has often been a proponent of some of these ideas. Belgium, France, and Germany all have income tax systems that allow the family to be the primary unit of taxation as opposed to the individual. The argument for this system is that families that make the ...
What is a graduated income tax? Taxes: Taxes are collected by governmental agencies in order to run the government and protect the people, including for defense, for public education, for government workers, and for other services. Answer and Explanation: ...
Note: The reference to the standard deduction amount in this video applies only to taxes prepared for 2010. It is included here for reference only. Standard tax deduction give taxpayers the option of claiming a predictable lump-sum deduction instead of a
Workers may be able to calculate how much income they need, but consulting a financial advisor before retirement may provide a more accurate estimate and peace of mind. “My hope is that they seek professional guidance before they pull the trigger,” Abts says. Read: The Most Tax-Friendly St...
The gross profit of a company is the total sales of the firm minus the total cost of the goods sold.
Import duty (or customs duty)is a tax collected by customs authorities on all goods sold across borders. The aim of import duties is to raise income for local governments - but also to increase the end price of the goods for consumers, thus encouraging them to buy from the domestic market...
As you consider your income and Social Security tax, it can be helpful to know the following: What is the Social Security tax limit? When do you stop paying into the Social Security system? What is the maximum amount of Social Security tax? How has the Social Security tax limit...
Taxable income is the portion of your gross income used to calculate how much tax you owe in a given tax year. It can be described broadly asadjusted gross income (AGI)minus allowable itemized or standard deductions. Taxable income includes wages, salaries, bonuses, and tips, as well as inv...