income tax

Also found in: Dictionary/thesaurus, Medical, Legal, Financial, Acronyms, Encyclopedia, Wikipedia

0.01 sec.

income tax

A direct tax levied on earnings, mainly wages and salaries, but which may include dividends, interests, rents, royalties, and the value of receipts other than in cash. It is one of the main instruments for achieving a government's income redistribution objectives.

In the US, every citizen (with certain exemptions on the grounds of age or income level) must file an annual report for income-tax consideration. The tax-rates, which are calculated on a percentage basis, and allowances (deductions) are fixed by Congress from year to year. A state income tax is also levied in many states, the amount of tax and allowances varying from state to state; and in a few cases, such as New York City, there is a city income tax as well.

How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content.

?Page tools

Printer friendly
Cite / link

Feedback

?Sign in

Mentioned in	?		References in classic literature	?		Hutchinson browser	?		Full browser	?
1799 1894 Agnew, Spiro Alaska Amendment, Sixteenth August 27 Capone, Al Choate, Joseph H civil list Clémenceau, Georges Eugène Benjamin corporation tax Couzens, James current liability deduction Delaware direct tax disposable income Donnelly, Ignatius earnings			Secondly, in their dealings with the State: when there is an income tax, the just man will pay more and the unjust less on the same amount of income; and when there is anything to be received the one gains nothing and the other much. The Republic by Plato View in context The third time the graduated income tax was declared unconstitutional was a gouge. The Strength of the Strong by London, Jack View in context			Ince, Paul Emerson Carlyle Ince, Thomas Harper Ince-in-Makerfield incendiary bomb incense incentive incest inch Inch Garvie Inchbald, Elizabeth Inchcolm Inchigeelagh Inchkeith Inchmahome Inchon Inchon, Battle of incidental music incised meander incisor inclination Incline Village include inclusive fitness Incognita income income tax incomes policy incontinence incontro improvviso, L' incoronazione di Poppea, L' incorporation incremental back-up incubation period incubator incubus incunabula indefinite article indefinite integral indefinite pronoun indemnity Indemnity and Oblivion, Act of indent indenture indentured labour indentured retainers Independence Independence Day Independence Hall independent dance independent event Independent Labour Party			Income Reports Income Reports Income risk Income Risks Income Security Program Income Sensitive Repayment Income Share Income Shares Income splitting Income Stabilization Fund income statement income statement income statement income statement income statement income statement income statement Income Statements Income Statements Income Statements Income Statements Income stock Income Stocks income stream Income Streams Income Support Income Support Income Support Income Support Computer System Income Support Mortgage Interest income tax Income Tax Act Income Tax Appellate Tribunal Income Tax Application Rules Income Tax Assessment Act Income Tax Bar Association Karachi income tax bracket income tax bracket Income Tax Brackets Income Tax Clearance Certificate Income Tax Component of Contribution Income Tax Conventions Interpretation Act Income Tax Department Income Tax Exempt Charity Income Tax Exempt Fund Income Tax Exemption Claim Income Tax Fraud Income Tax Gazetted Officers Association Income Tax Group income tax inspector Income Tax Lien Income Tax Lien Income Tax Liens Income Tax Liens Income Tax Officer Income Tax Provision Income Tax Provisions Income Tax Rate

Hutchinson Encyclopedia

Free Tools:	For surfers: Free toolbar & extensions \| Word of the Day \| Help For webmasters: Free content \| Linking \| Lookup box \| Double-click lookup \| Partner with us

Disclaimer
All content on this website, including dictionary, thesaurus, literature, geography, and other reference data is for informational purposes only. This information should not be considered complete, up to date, and is not intended to be used in place of a visit, consultation, or advice of a legal, medical, or any other professional.