Prior Income

Prior Income

The average income a person earns each month over the course of a tax year. An insurer uses prior income to determine how much to pay a policyholder each month for a claim on loss of income insurance.
References in periodicals archive ?
NASFAA released the results from its recent study examining whether using two-years' prior income tax data on the federal student aid application could potentially provide students and their families with early award notification.
B) the aggregate amount received under the contract before such date, to the extent that such amount was excludable from gross income under this subtitle or prior income tax laws.
The replacement rate measures how much of their prior income EUC recipients are able receive with EUC.
The voluntary program, directed by recent legislation (SB 86) is an opportunity for these taxpayers to step forward and voluntarily amend their 2010 and prior income tax returns.
Due to commitment and sincere efforts made by postal services its annual income has boosted to 750 million against prior income of 650 million which is first step towards success and 800 million target is set for next year.
Remember that 409A did not repeal, as many continue to believe, the prior income tax laws relating to NQDC plans.
His income may drop when he no longer receives a salary from the company, and the value of his assets may not generate enough cash to match his prior income.
In addition, section 1296 of the Code contains an elective mark-to-market regime for "marketable stock" (as defined in subsection 1296(e)) in a PFIC, with accrued gains determined at the close of the taxable year included in gross income, and accrued losses allowed only to the extent of prior income inclusions with respect to such stock.
His view is largely based on the experience in Sweden, where parents can divide between themselves 12 months of leave and receive 90 percent of their prior income up to $20,000 for the first nine months.
The voluntary program, directed by recent legislation (SB 86, chaptered March 24, 2011) is an opportunity for these taxpayers to step forward and voluntarily amend their 2010 and prior income tax returns.
A business can negotiate a voluntary disclosure agreement to limit prior income, franchise, sales, use and other tax exposure and penalties.