Taxation To tax from the Latin wikt en taxo Latin taxo I estimate is to impose a financial charge or other ... by many subnational entity subnational entities . Taxes consist of direct tax or indirect tax , and may be paid in money or as its labour equivalent often but not always unpaid labour . A tax may ... ed. 1979 . ref A tax is not a voluntary payment or donation, but an enforced contribution, exacted pursuant ... name. ref name Black Overview File Pieter Brueghel the Younger, Paying the Tax The Tax Collector oil on panel, 1620 1640. USC Fisher Museum of Art.jpg thumb 300px left Pieter Brueghel the Younger, The tax .... From the view of economists, a tax is a non penal, yet compulsory transfer of resources from the private ... is often highly debated in politics and economics . Tax collection is performed by a government agency ... entity or individual. br br br Tax rates Main Tax rate Taxes are most often levied as a percentage, called the tax rate . An important distinction when talking about tax rates is to distinguish between the marginal rate and the effective average rate. The effective rate is the total tax paid divided by the total amount the tax is paid on, while the marginal rate is the rate paid on the next ... a total of 18,750 in taxes. Tax calculation 0.05 50,000 0.10 50,000 0.15 75,000 18,750 ... into cash economies. Governments use different kinds of taxes and vary the tax rates. This is done to distribute the tax burden among individuals or classes of the population involved in taxable activities ... see also tax exemption , or to modify patterns of consumption or employment within an economy, by making some classes of transaction more or less attractive. A nation s tax system is often a reflection ... must make choices regarding the distribution of the tax burden who will pay taxes and how much ... those in charge of establishing the tax system, these choices reflect the type of community that the public ... for example the labour cost and other expenses incurred in complying with tax laws and rules ... more details
Windows tax may refer to The window tax , an historic British tax on glass The Microsoft tax Licensing agreements Microsoft Windows tax , an alleged blackmail scheme against computer OEMs disambig ... more details
Tax harmonisation refers to the process of making tax es identical or at least similar in a region. In practice, it usually means increasing tax in low tax jurisdictions, rather than reducing tax in high tax jurisdictions or a combination of both. The best example is the European Union where all countries must have a value added tax of at least 15 . References http economics.about.com cs moffattentries a harmonization.htm Tax Harmonization versus Tax Competition A Review of the Literature tax stub Category International taxation ... more details
Dicdef date February 2011 expand further date February 2012 Tax break is a slang term referring to any item which reduces tax, including any tax exemption , tax deduction , or tax credit . Tax break is also a pejorative term used in the United States to refer to purportedly favorable tax treatment of any class of persons, as in individuals get a tax break for xxx . DEFAULTSORT Tax Break Category Taxation ... more details
Tax courts are court s of limited jurisdiction that deal with tax issues. United States Tax Court , a United States federal court List of Judges of the United States Tax Court Uniformity and jurisdiction in U.S. federal court tax decisions State court United States Oregon Tax Court of the Oregon Judicial Department Hawaii Tax Appeal Court of the Hawai i State Judiciary Indiana Tax Court Massachusetts Appellate Tax Board Minnesota Tax Court New Jersey Tax Court Tax Court of Canada Tax Court of Canada Act EFTA Court Philippine Court of Tax Appeals disambig Category Courts by type ... more details
wiktionary A tax return is a tax form that can be filed with a government body to declare liability for taxation in various countries Tax return Australia Tax return Canada Tax return United Kingdom Tax return United States disambig ja ... more details
Unreferenced auto yes date December 2009 A tax cap places an upper bound on the amount of government tax a person might be required to pay. In this case the tax is said to be capped. Tax caps typically affect a commercial property , or the commercial portion of a mixed commercial residential property. DEFAULTSORT Tax Cap Category Taxation Tax stub fr Bouclier fiscal ... more details
File Mantelb gen.JPG thumb German tax forms A tax form is a blank document or template supplied by a government for use in the reporting of tax information to the government or to potential taxpayers. Specific tax forms are intended to be used by taxpayer s, the government itself, or private entities that are required to report information on the tax liabilities of other private entities. See also IRS tax forms Tax information reporting Tax return Australia Tax return Canada Tax return United Kingdom Tax return United States Category Tax forms tax stub fi Veroilmoitus ... more details
Registration tax may refer to Vehicle Registration Tax the tax payable in Ireland to first register a motor vehicle. Vehicle first registration fee the tax payable in the United Kingdom to first register a motor vehicle. Annual Road tax in the United States and Australia. disambig ... more details
Unreferenced date December 2006 Dicdef date December 2010 Tax investigation is an in depth investigation processed by tax authority in order to recover tax undercharged in previous years of assessment. It means that the taxpayer is suspected regarding to tax evasion , or just by random sampling . This year the IRS will audit 8 out of 10 people due to increase fraud with tax payer Ways to quantify the tax undercharged Interviewing with the taxpayer. Field visit to the taxpayer s premises. Observation of the taxpayer s business operation. Examination of the books and records. Enquiry on third parties including bank balance confirmation. Asset betterment method calculation to find out the discrepancy, tax undercharged amount. Post tax audit meeting. The issue of tax assessment or additional assessment. Prosecution or an additional tax assessment. See also Tax collection Tax administration DEFAULTSORT Tax Investigation Category Taxation Tax stub de Steuerfahndung ja ... more details
At its simplest, a company s tax expense , or tax charge, as it sometimes called, is computed in by multiplying the income before tax number, as reported to shareholders, by the appropriate tax rate. In reality ... not deductible by taxing authorities add backs , the range of tax rates applicable to various levels of income, different tax rates in different jurisdictions, multiple layers of tax on income ... Last Chance Earnings Management Using the Tax Expense to Achieve Earnings Targets by Dan S. Dhaliwal ... , as well as many other accounting principles, tax expense is the result of computing current and deferred tax payable using the asset liability method in which the balance sheet is seen as primary and the income ... tax payable is computed by multiplying the taxable income number, as reported to the tax authorities, by the appropriate tax rate. As with tax expense, the computation is made more complex by the range of tax rates that are applicable to various levels of income and the various deductions and adjustments that the tax authorities allow. In the United States, the U.K. and elsewhere, companies are permitted to report one pre tax income number also called income before tax, profit before tax or earnings before income tax to shareholders, and another, called taxable income, to the tax authorities. Differences between taxable income and the pre tax income or profit number reported for financial ... rules differ in perpetuity between accounting and tax law. Temporary differences result when the recognition of deductions for tax and accounting standards differ in their timing. The result is a gap between tax expense computed using income before tax and current tax payable computed using taxable income. This gap is known as deferred tax . If the tax expense exceeds the current tax payable then there is a deferred tax payable if the current tax payable exceeds the tax expense then there is a deferred tax receivable. In the long run, income before tax and taxable income will likely be more ... more details
Orphan date February 2011 The sponge tax was a US state level Estate tax United States estate tax linked to the calculation of the federal estate tax. States with this tax collected the amount allowable as a tax credit to the federal estate tax if paid in state estate taxes. In practice, this additional estate tax was levied directly at the state level but generated a tax credit against the federal tax up to a specified amount. Under a sponge tax regime, the estate will pay no more in total federal and state estate taxes than it would have paid if there were no state estate tax. This meant that estate planning that produced the best federal estate tax result would automatically produce the best state estate tax result. The state estate tax gets its name because the state is sponging off the federal tax. The 2001 Federal Tax Act phased out the federal credit, completely eliminating it in 2005. The federal estate tax law did replace the credit with a much lower deduction for state estate taxes paid. The effect of the elimination of the federal credit has generally been the creation of state level estate taxes to replace the lost revenue. External sources http www.pierceatwood.com showarticle.asp?Show 98 http www.ftwlaw.com articles mass estate tax.html http www.bizjournals.com dayton stories 2000 08 28 focus2.html Category Personal taxes Category State taxation in the United States ... more details
A cascade tax or cascading tax is a turnover tax that is applied at every stage in the supply chain, without any deduction for the tax paid at earlier stages. Such taxes are distorting in that they create an artificial incentive for vertical integration . ref G.R. Putland, http www.prosper.org.au 2005 11 07 critique of the debits tax and turnover tax Critique of the Debits Tax and Turnover Tax , Prosper Australia retrieved Nov.9, 2009. ref They have been replaced in Europe and many other locations by a value added tax . References reflist Category Sales taxes tax stub zh ... more details
A turnover tax is similar to a sales tax or a VAT , with the difference that it taxes intermediate and possibly capital goods. It is an indirect tax , typically on an ad valorem basis, applicable to a production process or stage. For example, when manufacturing activity is completed, a tax may be charged on some companies. Sales tax occurs when merchandise has been sold. In South Africa , the turnover tax is a simple tax on the gross income of small businesses. Businesses who elect to pay the turnover tax are exempt from VAT . Turnover tax is at a very low rate compared to most taxes, but it is calculated on gross income without any deductions. ref cite web url http www.sars.gov.za home.asp?pid 43122 title Turnover Tax for Small Business publisher South African Revenue Service accessdate April 14, 2011 ref References reflist See also Cascade tax Turnover tax in the Soviet Union DEFAULTSORT Turnover Tax Category Sales taxes lt Apyvartos mokestis zh ... more details
Merge from Tax deed sale Tax lien sale Tax taking date July 2010 Unreferenced date January 2007 A tax sale refers to property usually real property being sold by a tax ing authority or the court to recover delinquent taxes. In the tax sale arena, the taxing jurisdiction is usually the county the parish in the case of Louisiana, or cities, towns, townships commonly in the New England states area even school districts initiate tax sales in Texas . Two main methods are used by counties to capture delinquent real property taxTax deed sale tax deed auctions sales , or Tax lien sale tax lien certificate sales auctions . These types differ in what is being sold and how if any transfer of title or interest is handled. External links http www.foreclosurestogo.com governmenttaxsales.html Government Tax Sale http taxlieninvestingpro.com Tax Lien Investing . Category Taxation Category Local taxation in the United States Category State taxation in the United States Tax Lien Certificate Sale and Tax Deed Sale Calendar by http www.taxlienuniversity.com tax sales index.php Taxlienuniversity.com Category Real property law Category Real estate terminology Category Local taxation in the United States Category State taxation in the United States ... more details
A privilege tax is a tax levied in exchange for a privilege or license granted to the taxpayer. The fee for registering a motor vehicle is one example of a privilege tax. Many taxes on businesses are characterized as privilege taxes. For example, Arizona s transaction privilege tax is a gross receipts tax on business. In the 1911 case of Flint v. Stone Tracy Co. , the United States Supreme Court upheld the constitutionality of a corporate income tax , determining that it was an indirect tax on the privilege of doing business as a corporation . ref http www.answers.com topic income tax ixzz1L4Vi71xf Oxford Companion to the US Supreme Court Income Tax , accessed on answers.com, April 30, 2011 ref References reflist Category Taxation Category Legal terms ... more details
Unreferenced date February 2009 Taxation A transfer tax is a tax on the passing of title property title to property from one person or entity to another. In a narrow legal sense, a transfer tax is essentially a transaction fee imposed on the transfer of title to property. This kind of tax is typically ... of stamp duty , real estate transfer tax , and levies for the formal registration of a transfer. In some ... notary . While notarial fees may add to the cost of the transaction, they are not a transfer tax in the strict sense of the term. In the United States , the term transfer tax also refers to Estate tax United States Estate tax and Gift tax . Both these taxes levy a charge on the transfer of property ... Supreme Court in the case of Knowlton v. Moore , 178 U.S. 41 1900 , confirmed that the estate tax was a tax on the transfer of property as a result of a death and not a tax on the property itself. The taxpayer argued that the estate tax was a direct tax and that, since it had not been apportioned among the states according to population, it was unconstitutional. The Court ruled that the estate tax, as a transfer tax and not a tax on property by reason of its ownership was an indirect tax. In the wake of Knowlton the Internal Revenue Code of the United States continues to refer to the Estate tax and the related Gift tax as Transfer taxes. In this broader sense, estate tax, gift tax, capital gains tax , sales tax on goods not services , and certain use tax es are all transfer taxes because they involve a tax on the transfer of title. Examples Expand section date January 2010 Stock transfer The United States had a tax on sales or transfers of stock from 1914 to 1966. This was instituted in The Revenue ... in 1966. See also Currency transaction tax Financial transaction tax Inheritance tax Spahn tax Stamp duty Stamp duty in the United Kingdom Tobin tax DEFAULTSORT Transfer Tax Category Taxation tax stub de Verkehrsteuer nl Overdrachtsbelasting fi Varainsiirtovero vi Thu chuy n nh ng ... more details
For a type of taxation system in the United Kingdom and elsewhere Rates tax No footnotes date April 2009 Taxation In a tax system and in economics , the tax rate describes the burden ratio usually expressed ... a tax rate statutory, average, marginal, effective, effective average, and effective marginal. These rates can also be presented using different definitions applied to a tax base inclusive and exclusive. Statutory A statutory tax rate is the legally imposed rate. An income tax could have multiple statutory rates for different income levels, where a sales tax may have a flat statutory rate. ref ... What is the difference between statutory, average, marginal, and effective tax rates? publisher Americans For Fair Taxation accessdate 2007 04 23 ref Average An average tax rate is the ratio of the amount of taxes paid to the tax base taxable income or spending . ref name whatisthedif To calculate the average tax rate on an income tax, divide total tax liability by taxable income Let math a math be the average tax rate. Let math t math be the tax liability. Let math i math be the taxable income. math a frac t i math Marginal A marginal tax rate is the tax rate that applies to the last unit of currency of tax base the tax base taxable income or spending , ref name whatisthedif and is often applied to the change in one s tax obligation as income rises To calculate the marginal tax rate on an income tax Let math m math be the marginal tax rate. Let math t math be the tax liability. Let math .... An individual s tax bracket is the range of income for which a given marginal tax rate applies. The marginal tax rate may increase or decrease as income or consumption increases, although in most countries the tax rate is in principle progressive taxation progressive . In such cases, the average tax rate will be lower than the marginal tax rate an individual may have a marginal tax rate of 45 , but pay average tax of half this amount. In a jurisdiction with a flat tax on earnings, every taxpayer ... more details
Tax shift or Tax swap is a change in taxation that eliminates or reduces one or several taxes and establishes ... Pigovian tax es typically sin tax es and ecotax es as well as perceived or real undesired ... url http www.ocpp.org cgi bin display.cgi?page es060414taxshift title The Great Corporate Tax Shift ... The following table lists tax shifts that have been proposed or introduced class wikitable Name, location, proponent, source From To Claimed benefits Green tax shift see ecotax various ecotax environment Tax Shift for the Pacific Northwest Durning & Bauman 1998 personal income tax personal , corporate income tax , payroll tax , property tax , sales tax carbon tax, pollution tax, traffic tax, sprawl tax Land value tax , resource consumption tax environment public health reduction of gridlock countering speculation equity administrative ease Property tax shift PTS ref cite web url http www.progress.org geonomy rppaper.html title Giving Life to the Property Tax Shift PTS first Jeffery J. last Smith ..., and buildings Land value tax housing supply sprawl equity Philadelphians for Land Value Tax Shift ref cite web url http www.earthrights.net philly index.html title Philadelphians for Land Value Tax Shift publisher Earth Rights Institute ref tax rates on structures land value tax economic development ... frerichs backs tax swap plan title Frerichs backs tax swap plan first Kate last Clements date 2006 08 29 work The News Gazette ref property tax individual and corporate income tax extra unearned income ... in state food tax passes date 2007 06 12 publisher Tennesseans for Fair Taxation ref Grocery or food tax cigarette tax public health support for basic needs Wyoming Tax Swap ref cite web url http www.brettglass.com taxswap.html title The Wyoming Tax Swap first Brett last Glass ref sales tax, use tax, and business personal property tax flat income tax FairTax personal income tax, payroll tax , corporate tax , capital gains tax , self employment tax, gift tax , Estate tax United States estate ... more details
Dicdef Tax ladder is a term sometimes used to refer to the formula for calculating a taxpayer s tax liability in a given year for United States federal personal income tax purposes. The term ladder is used because as your taxable income increases, you climb the ladder and your tax rate increases. The formula begins with the taxpayer s gross income , as defined by the Internal Revenue Code 61 a . From gross income, the taxpayer may subtract the amount of any deductions listed in 62 a above the line deduction s to arrive at an adjusted gross income . The taxpayer then subtracts the appropriate amount for United States Federal Income Tax Personal Exemption personal exemptions under 151 d 1 as adjusted annually for inflation under 151 d 4 . Finally, the taxpayer subtracts either the appropriate standard deduction under 63 c or the total of itemized deductions under 63 d to arrive at the taxpayer s taxable income for that tax year. Taxable income serves as the base against which the taxpayer s tax rate is applied. After multiplying taxable income by the tax rate, the taxpayer may subtract the amount of any credits , then must add any additions to tax such as the Alternative Minimum Tax . This calculation results in the taxpayer s tax liability, which is the actual amount the taxpayer owes for that tax year. See also Rate schedule federal income tax U.S. Federal Income Tax Rate Schedule DEFAULTSORT Tax Ladder Category Taxation in the United States ... more details
globalize date December 2010 Taxation Tax reform is the process of changing the way taxes are collected or managed by the government . Tax reformers have different goals. Some seek to reduce the level of taxation of all people by the government. Some seek to make the tax system more progressive tax progressive or less progressive tax progressive . Others seek to simplify the tax system and make the system ... tax systems worldwide, often with the intent to reform income taxes or Value Added Tax value added taxes ... tax systems that attempt to deal with externality externalities . Georgism claims that various forms of land tax can both deal with externalities and improve productivity. United States Image Revenuereform.jpg ... poles &mdash Political cartoon from 1880&ndash 1900 commenting on tax reform. There have been ... 19th century American economist, Henry George , started a global movement for tax reform whose aim was the abolition of all forms of taxation other than the Single Tax on land value. The effects of the movement ... Australia, New Zealand, Hong Kong, Taiwan and Singapore. Efforts to promote this form of tax ... Tax Reform recommended the removal of the Alternative Minimum Tax . Several organizations are working for tax reform in the United States including Americans for Tax Reform , Americans For Fair Taxation and KillYourTaxes.com. Various proposals have been put forth for tax simplification in the United States, including the FairTax and various flat tax plans and bipartisan tax reform proposals ... Toward Bipartisan Tax Reform , Washington Monthly ref In 2010, Fareed Zakaria proposed what he described as a grand bargain with tax reform for economic adversaries Paul Krugman and Niall Ferguson an attempt ... States Federal Sales Tax . ref http transcripts.cnn.com TRANSCRIPTS 1007 04 fzgps.01.html ... called the Debt Free America Act that would introduce a 1 financial transaction tax and eliminate federal income tax. He has introduced bills calling for similar tax reform since 2004, but the bills ... more details
Sugar Tax may refer to Sugar Act Sugar Tax album Sugar Tax album , an album by Orchestral Manoeuvres in the Dark Soda tax , a proposed tax on sugary drinks disambig Short pages monitor This long comment was added to the page to prevent it being listed on Special Shortpages. It and the accompanying monitoring template were generated via Template Longcomment. Please do not remove the monitor template without removing the comment as well. ... more details
Unreferenced date November 2006 Tax profit or taxable profit is used to distinguish between accounting profit or earnings the number that is generally referred to in financial results for public companies and quoted in the press . Taxable profit is the number that is used to calculate tax on income. For a number of reasons, taxable profit may differ from reported earnings, and may be higher or lower. Company financial reports often distinguish between profit before tax and after tax profit. Example A company has accounting profit before tax of 100, but due to the use of accelerated depreciation , has a taxable profit of 50. The company pays profit tax at a rate of 20 . In this simple example, the company would report the following Profit before tax 100 Taxable profit 50 Taxes 10 After tax profit 90 Depending on the reason for the differences between profit before tax and taxable profit, the company may show a tax liability deferred tax or tax asset to account for future taxes. Depending on the circumstances and accounting standards , taxes paid in cash and taxes shown on the profit and loss statement may also differ. Taxable profit is rarely shown in the published financial statements . Due to the differences between nominal tax rates and actual taxes paid, analysts sometimes refer to the effective tax rate , which is actual taxes divided by profit before tax. In the example above, the effective tax rate would be 10 . Statutory terminology Terminology for taxable profit varies by jurisdiction, for example Taxable income in the United States Profits chargeable to corporation tax, or PCTCT , in the UK corporate tax system See also Tax accounting in the United States DEFAULTSORT Tax Profit Category Accountancy Category Taxation Category Profit ... more details
For the economic theory of tax efficiency Excess burden of taxation A financial process is said to be tax efficient if it is tax ed at a lower rate than an alternative financial process that achieves the same end. ref http www.investorwords.com 4893 tax efficient.html Investor Words definition of tax efficient ref Passing one s assets onto one s heir s using a Grantor Retained Annuity Trust , for example, is potentially more tax efficient than simply letting the heirs inheritance inherit the assets. References reflist Category Taxation in the United States ... more details
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