Tax

Tag: TA

  • Tax Evasion

    Tax Evasion means:any method of avoiding or reducing taxes not permitted by law. A failure to pay or a deliberate underpayment of taxes. Such evasion, which involves deceit, subterfuge, camouflage, concealment, or an attempt to color or obscure events, carries heavy penalties. It is not […]

  • Tax-Exempt Interest

    Tax-Exempt Interest means (see more about entries related to interest in the U.S. here) Interest paid on bonds issued by states or municipalities that is tax-free for federal income tax purposes. Although you must report this income on your tax return, it is not taxed. State Income Tax […]

  • Taxable Income

    Taxable Income may have one of the following meanings, depending the context of the term: 1. Individuals. Gross income reduced by deductions allowable in obtaining Adjusted Gross Income and further reduced by the standard deduction or itemized deductions and allowed personal exemptions. Former […]

  • Tax Shift

    Description and Definition of Tax Shift A situation that appears when one group is able to shift a tax that they're supposed to pay to another group. Resources See Also Further Reading Tax Shift in the West's Tax Law Dictionary Tax Shift in "A Dictionary of Taxation"

  • Tax Withholding

    Description and Definition of Tax Withholding The portion of your pay that your employer takes from your paycheck to pay part or all of your taxes. Resources See Also Further Reading Tax Withholding in the West's Tax Law Dictionary Tax Withholding in "A Dictionary of Taxation"

  • Tax Bracket

    About Tax Bracket: Each tax bracket in the United States encompasses a certain amount of income to be taxed at a set rate. The tax rates in 2010 did run from 10% to 35%. Taxpayers are said to be in the 25% bracket if their highest dollar of income falls in that bracket. If taxpayers…

  • Tax Credit

    Tax Credit means: a dollar-for-dollar reduction in the amount of tax that a taxpayer owes. Unlike deductions or exemptions, which reduce the amount of income subject to tax, a tax credit reduces the actual amount of tax owed. In other words, a reduction in the tax that can be deducted […]

  • Tax Rate Schedule

    Description and Definition of Tax Rate Schedule Schedules of tax amounts published by the IRS for taxpayers with taxable income of more than $100,000 to use to compute their income tax. If your taxable income is less than $100,000 you must use the tax tables. Resources See Also Further Reading […]

  • Taxpayer Advocate

    Description and Definition of Taxpayer Advocate The IRS official who is charged with helping individuals resolve their problems with the IRS, as well as identifying changes in IRS procedures that could make the agency more taxpayer friendly. Taxpayer Advocate Issue You may find information […]

  • Tax Preparation Software

    Tax Preparation Software means:a set of programs telling the computer how to calculate the regular income tax, the total estate tax, the alternative minimum tax, the corporate tax liability, and other taxes. Computer software designed to complete tax returns. Different tax preparation […]