Levy - a legally imposed tax or fee. Duty - a tax on imports or exports of goods. Legal Dictionary Select a letter from the list below to read all of the definitions we have in our database that begin with that letter. Latest Articles What is UCC 9-601 What is UCC 9-607? What ...
Levy is a term that essentially means to impose or collect, and it can refer to various types of charges or fees. When a government or institution levies a fee, it's enforcing collection. Tax, however, specifically denotes a compulsory financial charge imposed by the government on individuals...
A Medicare fee schedule is a type of government run single payer social insurance program in the United States for people over...
is the internal revenue service. the computer age has been very good to the irs, which now has access to any number of databases that yield reality checks on any given citizen's tax returns. traceable cash would accelerate this process, and the tax-collection agency can't wait to take ...
What is a use tax? A use tax is a required contribution on goods and services that was not collected as sales tax at the time of purchase. If your local tax and fee administration charges sales tax as a percentage of a purchase price, that tax is owed regardless of whether a seller ...
Step 1: File a tax extension Filing a tax extension with the IRS gives the agency a heads-up that your return will be late. It can also protect you from incurring a late-filing fee of 5% of your unpaid taxes for each month (or portion o...
tax code; tax lawWords With Same Tail Word 吸收 xīshōu to absorb; to assimilate; to ingest; to recruit 回收 huíshōu to recycle; to reclaim; to retrieve; to recover; to recall (a defective product) 征收 zhēngshōu to levy (a tax); to expropriate ...
In 2011, the Medicare levy was 1.5% of income. Higher-income taxpayers with insufficient hospitalization insurance may be liable for an additional 1.0% levy. This additional tax is specifically intended to encourage taxpayers to purchase private insurance and reduce the burden on Medicare. ...
Governments may utilize user fees in lieu of, or in addition to, levying taxes to generate revenue. The money collected from user fees is generally intended to be reinvested back into the upkeep and expansion of that service, product, or facility. ...
A levy differs from a lien because a levy takes the property to satisfy the tax debt, whereas a lien is a claim used as security for the tax debt. A lien secures the government’s interest or claim to an individual’s or business’s property while the tax debt remains unpaid, and a ...