tax

(redirected from taxable)
Also found in: Dictionary, Thesaurus, Medical, Legal, Idioms, Encyclopedia.
Related to taxable: Taxable income

tax

a levy imposed by the government on GOODS and SERVICES (INDIRECT TAX) and the INCOME and WEALTH of persons and businesses (DIRECT TAX). The government uses taxes for a number of purposes such as:
  1. to raise revenue to finance government spending (see BUDGET);
  2. to promote social equity by redistributing income and wealth (see DISTRIBUTION OF INCOME);
  3. to regulate the level of total spending in the economy (see FISCAL POLICY);
  4. to protect domestic producers from imports (see TARIFF). See INCOME TAX, CORPORATION TAX, CAPITAL GAINS TAX, WEALTH TAX, INHERITANCE TAX, VALUE-ADDED TAX, CUSTOMS DUTY, EXCISE DUTY.

tax

a levy imposed by the government on the income, wealth and capital gains of persons and businesses (DIRECT TAX), on spending on goods and services (INDIRECT TAX), and on properties. In the UK, taxes on income include personal INCOME TAX and CORPORATION TAX; ‘inheritance tax’ is used to tax wealth (see WEALTH TAX) and CAPITAL GAINS TAX is used to tax ‘windfall’ profits; taxes on spending include VALUE-ADDED TAX, EXCISE DUTY and TARIFFS; taxes on properties include the council tax (see LOCAL TAX) and the UNIFORM BUSINESS RATE. Such taxes are used to raise revenue for the government and as a means of controlling the level and distribution of spending in the economy. See TAXATION, PUBLIC FINANCE.
References in periodicals archive ?
Finally, since financial and insurance services are exempt from VAT, limits on the recovery of VAT on taxable input costs encourage vertical integration of financial services and insurance businesses.
HDC is providing a $2.9 million loan from the sale of taxable bonds and a second mortgage loan of $945,000.
In Situation 3, Trust's governing instrument states that if G is treated as the owner of any portion of Trust for any tax year, the trustee may, in the trustee's discretion, distribute to G for the tax year income or principal sufficient to satisfy G's personal income tax liability attributable to including all, or part, of Trust's income in G's taxable income.
No wonder Glover prefers taxable public finance deals.
First, the ED segregates temporary differences into two primary categories: those whose reversals will generate taxable income and those that will generate deductions.
QPAI for any taxable year is a net number equal to the taxpayer's Domestic Production Gross Receipts (DPGR) less the sum of:
Flores's 2002 form 1099-SSA--although not paid directly to her as Social Security benefits--was taxable. Although she received more than $11,855 in workers' compensation, IRC section 86(d)(3) treats workers' compensation benefits as though they were Social Security benefits only to the extent of the offset amount.
The lessee has the taxable year in which the payment was made plus 8 1/2 months to spend the money on improvements to qualify for non-taxable treatment.
Since Tim did not receive the dividend payment as the owner of the shares, the payment amount will be taxable as ordinary income and will not be eligible for the lower 15 percent tax rate on ordinary dividends under the 2003 Tax Act.
199 deduction based on taxable income before or after applying the NOL carryover, and could the deduction increase an NOL carryover?
Metro's appeal required the Ninth Circuit to decide if a paid but still contested income tax deficiency could be deducted from accumulated taxable income under IRC section 535(b)(1).
Taxpayers who have been contacted by the IRS or the IDOR regarding the use of a potential tax avoidance transaction with respect to a taxable year, and having a deficiency for such year attributable to the use of a potential tax avoidance transaction, are penalized an amount equal to 100 percent of the interest assessed under Illinois Uniform Penalty and Interest Act.