US Tax
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Gift
Gift means:the voluntary transfer of property made without financial consideration; that is, no value is received in return. Each donor may give $10,000 annually to each donee without affecting the $600,000 lifetime exemption of property passing from an estate. Married persons may […]
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Net Operating Loss (NOL)
Description and Definition of Net Operating Loss (NOL) A net operating loss is experienced by a business when it's deductions exceed it's income. For income tax purposes a net operating loss can be used to offset income in a prior year. An NOL can be carried back for the last 3 years […]
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Restricted Stock
Description and Definition of Restricted Stock Stock owned by an employee of a company that has limits on its transferability. If you receive restricted stock you do not need to include its value in excess of the amount you paid for it in your income. However, when the restrictions are lifted […]
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Local Tax
Description and Definition of Local Tax Your local county, town or city may impose tax to operate services such as garbage pick-up, water treatment, and street-cleaning. Resources See Also Further Reading Local Tax in the West's Tax Law Dictionary Local Tax in "A Dictionary of […]
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Marginal Tax Rate
Description and Definition of Marginal Tax Rate The amount of each extra dollar of income that has to be paid in income tax. Resources See Also Further Reading Marginal Tax Rate in the West's Tax Law Dictionary Marginal Tax Rate in "A Dictionary of Taxation"
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Tax Exemptions
Description and Definition of Tax Exemptions An amount of income, indexed for inflation, on which you don't have to pay income tax. Every taxpayer receives at least one personal exemption. Resources See Also Further Reading Tax Exemptions in the West's Tax Law Dictionary Tax […]
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Voluntary Withholding
Description and Definition of Voluntary Withholding Asking payers to withhold taxes from the payments they remit to you. To request voluntary withholding file Form W-4. Resources See Also Further Reading Voluntary Withholding in the West's Tax Law Dictionary Voluntary Withholding in […]
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Indirect Tax
About Indirect Tax: A tax that can be shifted to others, such as sales taxes, VAT (in Europe and other regions) and business property taxes. See Indirect Tax in the U.S. Reference and Indirect Tax in the International reference. U.S. and other Developed Countries International Tax Meaning Tax […]
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Disposition
Disposition means:a transaction, such as a sale, that gives rise to a gain or loss under Former IRC (check if this IRC provision is current here) §1001. Disposable Earnings and California Tax For more information about taxes in California, click here. Description and Definition of […]
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Accountant's Equation
Description and Definition of Accountant's Equation Accountant's Equation is the equation which is the basis of a balance sheet. It is as follows: Assets = Liabilities + Owners' Equity. Resources See Also Further Reading Accountant's Equation in the West's Tax Law […]
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