Income taxes financial definition of Income taxes. Income taxes finance term by the Free Online Dictionary.

Income tax

A state or federal government's levy on individuals as personal income tax and on the earnings of corporations as corporate income tax.

Income Tax

A tax on a person's individual income from wages and salary, gambling winnings, and some other sources. Importantly, capital gains are usually excluded from income taxes and are subject to their own system of taxation. An income tax may be a flat tax, which means that all citizens pay the same percentage of their incomes to the government. Most of the time, however, an income tax refers to a progressive income tax, in which citizens with higher incomes pay higher percentages.

For example, one who makes $100,000 per year pays a higher percentage, called a marginal tax rate, than one who makes $25,000. However, it is important to note that the marginal tax rate does not increase for one's entire income, merely each dollar over a certain threshold. Suppose one pays 10% of one's income up to $25,000, and 20% thereafter. The taxpayer making $25,001 does not suddenly have to pay 20% of his/her entire income merely on the one dollar over $25,000. That is, he/she owes 10% of $25,000 (or $2,500) and 20% of the $1 over that (or $0.20). All things being equal, this taxpayer owes $2,500.20 in taxes. See also: Adjusted gross income.

income tax

A tax levied on the annual earnings of an individual or a corporation. Income taxes are levied by the federal government and by a number of state and local governments. One set of rules applies to individual income and another to corporate income. The size and structure of an income tax greatly influence security prices and investor decisions.

income tax

A tax on income. A simple concept, but one that requires thousands of pages of IRS statutes, regulations, revenue rulings, and court interpretations to explain. See the IRS Web site at www.irs.gov.

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Consumed-Income Tax Deduction Deferred Income Tax Higher Rate of Income Tax Imposta sul reddito Imposto de renda Lower Rate of Income Tax Municipal Bond pretax income Provisao de impostos Provision for Income Taxes tax credit Tax Exempt Tax-Free Income Volunteer Income Tax Assistance Wilson-Gorman Act			A new report by the Tax Foundation shows that the burden of corporate income taxes is likely borne by workers--not investors. Corporate taxes hurt workers' wages, says new report by Financial Executive Background States have watched as corporate income taxes have shrunk as a percentage of state tax collection. Gross receipts taxes: a growing trend in state taxation by Hammond, Jerry / The Tax Adviser In summary, the Amendment gave Congress the power to levy federal income taxes that were not uniform across all states. A Brief History of the U.S. Income Tax by Doug Smith / News, opinion and commentary community			income approach income averaging Income Baskets Income beneficiary Income Bond income capitalization approach Income Deposit Security Income Dividend Income Elasticity of Demand Income Exclusion Rule Income Fund Income Immunization Strategies Income in respect of a decedent Income Investment Company Income Limited Partnership income limits income per share income property Income Risk Income Share Income Shares income statement Income Stock income stream income tax Income taxes income-bond fund Income-Equity Fund income-producing property incompetent Incontestability Clause Inconvertibility Inconvertibility Coverage incorporate Incorporated Joint Venture Incorporation incorporation by reference incorporeal rights Incoterms increment Incremental Cash Flows Incremental Cost Incremental Cost of Capital Incremental costs and benefits Incremental default risk Incremental Internal Rate of Return Incubator incubator space Incumbency Certificate Incumbent incumbrance			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 Income Tax Rates income tax return income tax return income tax return income tax return Income Tax Return for Individuals Income Tax Return Request Income Tax Returns Income Tax Returns Income Tax Returns Income Tax Ruling Series Income Tax Suit Income Tax Technical News Income Tax Trading and Other Income Act Income Tax Tribunal Decisions Income Tax Withholding Variation Income Taxation Income Taxation Income Taxation Income Taxation Income taxes Income Verification Express Service Income Verification Match Income Withholding Order Income-Based Deductible income-bond fund Income-Contingent Loan Repayment income-equity fund Income-Equity Funds Income-Generating Activities Committee income-producing property Income-Producing Real Estate Income-Related Monthly Adjustment Amount Income-Related Work Expense Income/Outcome Incomer incomers incomes incomes incomes incomes incomes Incomes Data Services Incomes from Self Employment Incomes from Self-Employment Incomes policies Incomes policies Incomes policy Incomes policy Incomes policy incoming

income tax (redirected from Income taxes)

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