tax definition
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Tax A tax (from the Latin taxo) 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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What is State Tax? What is State Tax? What is State Tax? Each state as a tax system which collects money, generally, from residents of that state based on their earned income. This money is then used by the state government to fund state and local programs. Most states collect an income tax, just as the IRS does for the federal government.
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Definition of âsin taxâ - English Dictionary sin tax definition, meaning, what is sin tax: a tax on things such as cigarettes, alcohol, gambling, and other things that are…. Learn more.
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tax break tax break. Anything that reduces the amount of total tax that an individual or business must pay. See also tax exemptions, tax deduction, tax credit.
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- DEFINITION of 'Income Tax'. A tax that governments impose on financial income generated by all entities within their jurisdiction. By law, businesses and individuals must file an income tax return every year to determine whether they owe any taxes or are eligible for a tax refund.Income tax is a key source of funds that the government uses to fund its activities and serve the public.Next Up. tax that governments impose on financial income generated by all entities within their jurisdiction.
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- A tax with a rate that increases as the amount to be taxed increases. For example, a taxing authority might levy a tax of 10% on the first $10,000 of income and increase the rate by 5% per each $10,000 increment up to a maximum of 50% on all income over $80,000.
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Excise Tax Noun. 1  A tax on certain things that are made, sold, or used within a country. 2  A tax, similar to a sales tax, imposed on some goods, especially luxuries and cars.
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Sales & Use Taxes Definitions. The term “sales tax” actually refers to several tax acts. Sales tax is a combination of “occupation” taxes that are imposed on sellers’ receipts and “use” taxes that are imposed on amounts paid by purchasers. Sellers owe the occupation tax to the department; they reimburse themselves for this liability by collecting use tax from the buyers.
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- Definition of excise tax. : a tax on certain things that are made, sold, or used within a country : excise.
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Sales tax Sales Tax. A tax imposed on the sale of retail goods and services. That is, the government collects a certain percentage of the sale price on transactions where goods and services are traded at the retail level. While the retailers are responsible for paying the sales tax, most of the time they simply pass on the cost to customers.
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- Definition of tax break: Anything that reduces the amount of total tax that an individual or business must pay. See also tax exemptions, tax deduction, tax credit. Dictionary Term of Day Articles Subjects Sign Up
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sales tax sales tax - a tax based on the cost of the item purchased and collected directly from the buyer nuisance tax excise, excise tax - a tax that is measured by the amount of business done (not on property or income from real estate)
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Use Tax n. a state tax on goods purchased in another state for use in the taxing state, to make up for (in lieu) local sales tax. Example: Bill Buyer who lives in California (which has a sales tax) orders a freezer from a company in a state with no sales tax.
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Definition of 'sales tax' Sales tax definition: The sales tax on things that you buy is the amount of money that you pay to the national... | Meaning, pronunciation, translations and examples
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What is Property Tax? Property tax is a levy issued by a government on a person's real or personal property. The property is assessed to give it a value, and then that value is taxed. The amount of tax owed is determined by multiplying the fair market value of the property by the current tax rate.
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What is a 'Sales Tax' A consumption tax imposed by the government on the sale of goods and services. A conventional sales tax is levied at the point of sale, collected by the retailer and passed on to the government.
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taxation Taxation refers to the practice of a government collecting money from its citizens to pay for public services. Without taxation, there would be no public libraries or parks. One of the most frequently debated political topics is taxation.
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Taxpayer A taxpayer is a person or organization subject to a tax on income. Taxpayers have an Identification Number, a reference number issued by a government to its citizens. The term taxpayer generally describes one who pays taxes. A taxpayer is an individual or entity that is obligated to make payments to municipal or government taxation agencies. Taxes can exist in the form of income taxes and property taxes imposed on owners of real property, along with many other forms. Most adults are taxpayers. V
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Tax An aspect of fiscal policy. A tax (from the Latin taxo) is a mandatory financial charge or some other type of levy imposed upon a taxpayer (an individual or other legal entity) by a governmental organization in order to fund various public expenditures. A failure to pay, or evasion of or resistance to taxation, is punishable by law.
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tax a sum of money demanded by a government for its support or for specific facilities or services, levied upon incomes, property, sales, etc. 2. a burdensome charge, obligation, duty, or demand. 3. to demand a tax from (a person, business, etc.).
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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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tax If tax is levied directly on personal or corporate income,... Definition of tax: A fee charged (levied) by a government on a product, income, or activity. If tax is levied directly on personal or corporate income,... Definition of tax: A fee charged (levied) by a government on a product, income, or activity. If tax is levied directly on personal or corporate income, then it is a direct tax. If tax is levied on the price of a good or service, then it is called an indirect tax. The purpose of taxation is to finance government expenditure. One of the most important uses of taxes is to finance public goods and services, such as street lighting and street cleaning.
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Corporate tax A corporate tax is a tax imposed on the taxable income of a corporation that are taxed at the entity level in a particular jurisdiction. Net taxable income for corporate tax is generally the financial statement income with modifications, and may be defined in great detail within each country's tax system.
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taxation Taxation is the practice of collecting taxes (money) from citizens based on their earnings and property. The money raised from taxation supports the government and allows it to fund police and courts, have a military, build and maintain roads, along with many other services.
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Tax A tax (from the Latin taxo) is a mandatory financial charge or some other type of levy imposed upon a taxpayer (an individual or a legal entity) by a state or the functional equivalent of a state in order to fund various public expenditures. A failure to pay, or evasion of or resistance to taxation, is punishable by law.
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income tax income tax. Annual charge levied on both earned income (wages, salaries, commission) and unearned income (dividends, interest, rents). In addition to financing a government's operations, progressive income taxation is designed to distribute wealth more evenly in a population, and to serve as automatic fiscal stabilizer to cushion the effects of economic cycles.