sin tax definition
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Definition of âsin taxâ - English Dictionary sin tax noun [C, usually singular] uk us informal TAX › a tax charged on particular things or activities that are seen as bad and unnecessary, such as cigarettes, alcohol, or gambling:
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Harry S. Truman Harry Truman became the 33rd President of the United States following the death of President Franklin D. Roosevelt on April 12, 1945.
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Types Of Taxes DEFINITION of 'Payroll Tax'. Tax an employer withholds and/or pays on behalf of their employees based on the wage or salary of the employee. In most countries, including the U.S., both state and federal authorities collect some form of payroll tax. Next Up.
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- Definition of ad valorem tax: Charge levied as a percentage of value of the item it is imposed on, and not on the item's quantity, size, weight, or other such factor. Value added tax (VAT) and, generally, import duties are ad ...
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Tax rate Tax rate. In a tax system, the tax rate is the ratio (usually expressed as a percentage) at which a business or person is taxed. There are several methods used to present a tax rate: statutory, average, marginal, and effective.
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- Popular Terms. A type of tax credit that is given for the purpose of offsetting the collection of Goods and Services Tax.
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Tax An ad valorem tax is one where the tax base is the value of a good, service, or property. Sales taxes, tariffs, property taxes, inheritance taxes, and value added taxes are different types of ad valorem tax.
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Glossary of Terms Glossary of Terms. Ad valorem tax means a tax based upon the assessed value of property. Non-Ad Valorem means special assessments and service charges which are not based upon the value of the property and millage. Non-ad valorem fees can become a lien against a homestead.
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tax deduction Definition. An expense subtracted from adjusted gross income when calculating taxable income, such as for state and local taxes paid, charitable gifts, and certain types of interest payments. also called tax deduction.
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Tax lien Tax lien. A tax lien is a lien imposed by law upon a property to secure the payment of taxes. A tax lien may be imposed for delinquent taxes owed on real property or personal property, or as a result of failure to pay income taxes or other taxes. Pima County, Arizona delinquent property tax list for auction by the County Treasurer.
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tax evasion amnesty Definition. A rule or law issued by the government to forgive tax debts of previous years to taxpayers. Through this measure the government provides a benefit to taxpayers by allowing them to rectify mistakes or omissions in tax returns without fear of legal actions.
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Definition of 'sales tax' Word forms: plural sales taxes. variable noun. The sales tax on things that you buy is the amount of money that you pay to the national government, or, in the United States, to the local or state government.
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Social insurance number (SIN) Social insurance number (SIN). Your SIN is the authorized number for income tax purposes under section 237 of the Income Tax Act and is used for certain federal programs. You must give it to anyone who prepares information slips (such as T3, T4, or T5 slips) for you.ach time you do not give it when you are supposed to, you may have to pay a $100 penalty. Check your slips. If your SIN is missing or is incorrect, inform the slip preparer. You must also give it to us when you ask us for personal tax information.
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- Tweet. STT is a kind of turnover tax where the investor has to pay a small tax on the total consideration paid or received in a share transaction. Definition: STT is a kind of turnover tax where the investor has to pay a small tax on the total consideration paid or received in a share transaction.
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- withholding tax. Word forms: plural withholding taxes. variable noun. A withholding tax is an amount of money that is taken in advance from someone's income, in order to pay some of the tax they will owe.
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- Definition of penalty tax: Local or federal punitive tax applied to deter non-compliance, such as underpayment of income tax or disregard of the rules... Definition of penalty tax: Local or federal punitive tax applied to deter non-compliance, such as underpayment of income tax or disregard of the rules... Home Articles
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How to account for sales taxes? How to account for sales taxes? February 23, 2010. Sales tax is a state or local tax on sale of products or services, based on the percentage of sales price. When a company sells a product subject to a sales tax, the company must collect the sales tax and subsequently remit it to the appropriate government.
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Definition of 'tax burden' tax burden (tæks ˈbɜːdən) noun. tax. the amount of tax paid by a person, company, or country in a specified period considered as a proportion of total income in that period. Multinationals can also shift profits to reduce their total tax burden; they can show larger profits in countries with lower tax rates.
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Pigovian tax A way of correcting for negative externalities, or consequences for society, arising from the actions of a company or industry sector, by levying additional taxes on that company or sector. An example would be higher taxes on tobacco products, or taxes put in place for polluting power companies.
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What is a 'Tax Expense' What is a 'Tax Expense'. A tax expense is a liability owing to federal, state/provincial and municipal governments. Tax expenses are calculated by multiplying the appropriate tax rate of an individual or business by their income before taxes, after factoring in such variables as non-deductible items, tax assets and tax liabilities. Next Up.
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Tax A tax (from the Latin taxo; rate) is a financial charge or other levy imposed upon a taxpayer (an individual or legal entity) by a state or the functional equivalent of a state to fund various public expenditures. A failure to pay, or evasion of or resistance to taxation, is usually punishable by law.
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sales tax Unlike a value added tax (VAT, levied only on the net increase in price at every point a good or service moves from one seller to the next purchaser) sales tax is a cost and involves double taxation (tax on tax) because it is imposed on the gross price (seller's net cost price + sales-tax paid by the seller + seller's profit) at each point of sale.
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Ulcerative Colitis Ulcerative Colitis. Ulcerative colitis (UC) is a disease where inflammation develops in the colon and the rectum (the large intestine). The most common symptom when the disease flares up is diarrhoea mixed with blood. Treatment can usually ease a flare-up of symptoms.
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What is 'Tax Lien' Tax Lien. What is a 'Tax Lien'. A tax lien is a legal claim by a government entity against a noncompliant taxpayer's assets. Tax liens are a last resort to force an individual or business to pay back taxes.
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sales tax sales tax. noun. Legal Definition of sales tax. : a tax levied on the sale of goods and services that is usually calculated as a percentage of the purchase price and collected by the seller.
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What is 'Tax Lien' Tax liens are a last resort to force an individual or business to pay back taxes. To get rid of a lien, the taxpayer must pay what he or she owes, get the debt dismissed in bankruptcy court or reach an offer in compromise with the tax authorities.