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An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Income tax generally is computed as the product of a tax rate times the taxable income. Taxation rates may vary by type or characteristics of the taxpayer and the type of income.
The tax rate may increase as taxable income increases (referred to as graduated or progressive tax rates). The tax imposed on companies is usually known as corporate tax and is commonly levied at a flat rate. Individual income is often taxed at progressive rates where the tax rate applied to each additional unit of income increases (e.g., the first $10,000 of income taxed at 0%, the next $10,000 taxed at 1%, etc.). Most jurisdictions exempt local charitable organizations from tax. Income from investments may be taxed at different (generally lower) rates than other types of income. Credits of various sorts may be allowed that reduce tax. Some jurisdictions impose the higher of an income tax or a tax on an alternative base or measure of income.
Taxable income of taxpayers' resident in the jurisdiction is generally total income less income producing expenses and other deductions. Generally, only net gain from the sale of property, including goods held for sale, is included in income. The income of a corporation's shareholders usually includes distributions of profits from the corporation. Deductions typically include all income-producing or business expenses including an allowance for recovery of costs of business assets. Many jurisdictions allow notional deductions for individuals and may allow deduction of some personal expenses. Most jurisdictions either do not tax income earned outside the jurisdiction or allow a credit for taxes paid to other jurisdictions on such income. Nonresidents are taxed only on certain types of income from sources within the jurisdictions, with few exceptions.
Most jurisdictions require self-assessment of the tax and require payers of some types of income to withhold tax from those payments. Advance payments of tax by taxpayers may be required. Taxpayers not timely paying tax owed are generally subject to significant penalties, which may include jail-time for individuals.
Taxable income of taxpayers resident in the jurisdiction is generally total income less income producing expenses and other deductions. Generally, only net gain from the sale of property, including goods held for sale, is included in income. The income of a corporation's shareholders usually includes distributions of profits from the corporation. Deductions typically include all income-producing or business expenses including an allowance for recovery of costs of business assets. Many jurisdictions allow notional deductions for individuals and may allow deduction of some personal expenses. Most jurisdictions either do not tax income earned outside the jurisdiction or allow a credit for taxes paid to other jurisdictions on such income. Nonresidents are taxed only on certain types of income from sources within the jurisdictions, with few exceptions.
incometax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxableincome)...
impose an incometax. They are determined by applying a tax rate, which may increase as income increases, to taxableincome, which is the total income less...
Taxableincome refers to the base upon which an incometax system imposes tax. In other words, the income over which the government imposed tax. Generally...
The IncomeTax Department (also referred to as IT Department; abbreviated as ITD) is a government agency undertaking direct tax collection of the government...
professional traders and those who trade frequently are taxed on such profits as a business income. In Sweden, the Investment Savings Account (ISK – Investeringssparkonto)...
A corporate tax, also called corporation tax or company tax, is a type of direct tax levied on the income or capital of corporations and other similar...
Incometaxes in Canada constitute the majority of the annual revenues of the Government of Canada, and of the governments of the Provinces of Canada. In...
affairs to the tax authorities to reduce the taxpayer's tax liability, and it includes dishonest tax reporting, declaring less income, profits or gains...
taxes (EBIT) is a measure of a firm's profit that includes all incomes and expenses (operating and non-operating) except interest expenses and income...
income pay a lower percentage of that income in tax than do those with higher income. It can also apply to adjustments of the tax base by using tax exemptions...
corporate income. Countries or subunits often also impose wealth taxes, inheritance taxes, estate taxes, gift taxes, property taxes, sales taxes, use taxes, environmental...
types of taxes: corporate tax, individual incometax, and sales tax, including VAT and GST and capital gains tax, but does not list wealth tax or inheritance...
central government to tax non-agricultural income; agricultural income is defined in Section 10(1) of the Income-tax Act, 1961. Income-tax law consists of the...
In economics, a negative incometax (NIT) is a system which reverses the direction in which tax is paid for incomes below a certain level; in other words...
federal, state, and local governments with taxes imposed at each of these levels. Taxes are levied on income, payroll, property, sales, capital gains,...
The Individual IncomeTax in China (commonly abbreviated IIT) is administered on a progressive tax system with tax rates from 3 percent to 45 percent...
Tax withholding, also known as tax retention, pay-as-you-earn tax or tax deduction at source, is incometax paid to the government by the payer of the...
potential tax rates around Europe for certain income brackets. It is focused on three types of taxes: corporate, individual, and value added taxes (VAT)....
government revenues come primarily from incometax, National Insurance contributions, value added tax, corporation tax and fuel duty. Local government revenues...
Income Tax – Deputy Director of IncomeTax Assistant Commissioner of IncomeTax – Assistant Director of IncomeTax Assistant Commissioner of IncomeTax (IRS...
only example of a real basic income in practice. A negative incometax (NIT) can be viewed as a basic income for certain income groups in which citizens receive...
Incometax in Singapore involves both individual incometax and corporate incometax. Income earned both inside and outside the country for individuals...
A tax deduction or benefit is an amount deducted from taxableincome, usually based on expenses such as those incurred to produce additional income. Tax...
Schedule B (tax on commercial occupation of land) Schedule C (tax on income from public securities) Schedule D (tax on trading income, income from professions...
Essentially, tax brackets are the cutoff values for taxableincome—income past a certain point is taxed at a higher rate. Imagine that there are three tax brackets:...
(Amendment XVI) to the United States Constitution allows Congress to levy an incometax without apportioning it among the states on the basis of population. It...