BNET Business Dictionary
Business Definition for: Income Tax
- a tax levied directly on the income of a person or a company and paid to the local, state, or federal government.
- Abbr. IT
Wiktionary Definition for: Income Tax
- a tax levied on earned and unearned income, net of allowed deductions
Additional Resources
- Redistribution Via Taxation: The Limited Role of the Personal Income Tax in Developing Countries
- In developed countries, the income tax, especially the personal income tax, has long been viewed as the primary instrument for redistributing income and wealth. This paper examines whether it makes sense for developing countries to rely on the income tax for redistributive purposes. First, the personal income tax has done...
- White papers 2005-03-08
- Pending Canadian income tax issues - Tax Executives Institute's Canadian Income Tax Committee
- On December 14, 1994, Tax Executives Institute held its annual liaison meeting on pending income tax issues with officials of the Canadian Department of the Finance. (A separate liaison meeting was held on pending excise tax issues.) In connection with the income tax meeting, the Institute submitted the following comments,...
- Research articles 1995-01-01
- Taming the Dragon — A Practical Guide to The Pennsylvania Local Earned Income Tax
- This article defines on of the ways of deciding payroll with the help of small story. In the legend of Hercules, Hercules had to perform a number of labors. In the second labor he was faced with the task of defeating the Hydra, a dragon with...
- White papers
- St. Charles Community College to offer free income tax preparation
- To help low- to moderate-income earners this tax season, St. Charles Community College is offering free tax return preparation assistance and e-filing through the volunteer Income Tax Assistance program of the Internal Revenue Service. The service will beTo help low- to moderate-income earners this tax season, St. Charles Community College...
- Research articles 2006-03-02
- Selected historical and other data: Table 1.—Individual Income Tax Returns: Selected Income and Tax Items for Specified Tax Years, 1995-2004-Table 20.—Individual Income Tax Refund Offsets for Repayment of Specific Outstanding Taxpayer Obligation
- Table 1.--Individual Income Tax Returns: Selected Income and Tax Items for Specified Tax Years, 1995-2004 [All figures are estimates based on samples-money amounts are in thousands of dollars] Item ...
- Research articles 2005-12-22
- Return-free income tax system not in the cards.(FILING SEASON)
- A return-free income tax system isn't in the cards anytime soon. The Treasury Dept. says the current tax rules would have to be changed before IRS could prepare returns using income data supplied by employers, banks and others. And to avoid tax retu A return-free...
- Research articles 2004-02-13
- U.S. Corporate Income Tax System: Once a World Leader, Now A Millstone Around the Neck of American Business, The
- Introduction In the Tax Reform Act of 1986 (TRA'86) the U.S. Congress lowered the top corporate income tax rate from 46 percent to 34 percent, the largest reduction since the tax was enacted in 1909. This change, along with an earlier move in the United Kingdom, started a wave of...
- Research articles 2005-11-01
- Ax the tax - income tax abolition; includes related article on the history of the income tax - Cover Story
- CLOSE your eyes and imagine for a moment an America without an income tax. April 15 is no longer a day of dread. The federal tax on personal income, corporate income, and capital gains is zero. Estate and gift taxes have been abolished. The most intrusive institution in America, the...
- Research articles 1995-04-17
- Revenue Canada liaison meeting on income tax issues - Tax Executives Institute's Canadian Income Tax Committee
- On December 13, 1994, Tax Executives Institute held its annual liaison meeting on pending income tax issues with officials of Revenue Canada-Customs, Excise and taxation. (A separate liaison meeting was held on pending excise tax issues.) The meeting was arranged under the aegis of TEI's Canadian Income Tax Committee, whose...
- Research articles 1995-01-01
- How Income Tax Research Saves Money
- Any person who is gainfully employed has to pay tax to the government. Simply defined, income tax is the money that is charged on the financial wages of individual persons and companies. Tax paid by companies is referred to as corporate tax. The tax is often charged on the total...
- White papers 2009-01-26
- The Negative Income Tax and the Evolution of the U.S. Welfare Policy
- The negative income tax proposed by Milton Friedman represents one of the fundamental ideas of modern welfare policy. However, the academic literature has raised two difficulties with it, one challenging its purported work incentives and the other suggesting the possible superiority of work requirements. In addition, work requirement approaches have...
- White papers 2003-06-03
- IBM PARTICIPATING IN INCOME TAX COLLECTING PROJECT
- AsiaInfo Services 03-19-1998 IBM Participating in Income Tax Collecting Project CHINA, March 19, AsiaInfo Services, Inc -- The State Taxation Bureau and IBM signed a letter of intent for developing the income tax computer collecting system, w AsiaInfo...
- Research articles 1998-03-19
- Welfare reform's hidden ally: part of the praise given to welfare reform properly belongs to the Earned Income Tax Credit. (Income).
- THE EARNED INCOME TAX Credit EITC lifts more children out of poverty than any other social program in America--indeed, more than all other means-tested benefit programs combined. That's because it provides a substantial tax credit for low-income working parents, which is also refundable. That is, it...
- Research articles 2002-07-15
- An early tax refund.(income tax withholding variation)(Brief Article)
- Oct 26, 2004 (Australian Property Investor Magazine - ABIX via COMTEX) Employed Australians with a negatively geared rental property can usually pay less income tax. The Australian Taxation Office ATO has forms it calls its income tax withholding variation ITWV, which the taxpayer...
- Research articles 2004-10-26
- Impact of income-detection technology and other factors on aggregate income tax evasion: The case of the United States
- Impact of income-detection technology and other factors on aggregate income tax evasion: the case of the United States* 1. Introduction Numerous studies have investigated income tax evasion behavior. Aside from a variety of principally theoretical models of income tax evasion behavior (Falkinger 1988; Klepper, Nagin and...
- Research articles 2001-12-01
- 2006 Income Tax Information for Citadel Premium Income Fund, MYDAS Fund, Citadel Multi-Sector Income Fund and Citadel Income & Growth Fund.
- CALGARY, ALBERTA, Mar 14, 2007 CCNMatthews via COMTEX -- The following information is intended to assist holders of units of Citadel Premium Income Fund (TSX:CPF.UN) (the "Trust") in the preparation of their 2006 Income Tax Return. This s CALGARY, ALBERTA, Mar 14, 2007 CCNMatthews via COMTEX...
- Research articles 2007-03-14
- HSBC Supports More Than 100 Volunteer Income Tax Incentive Sites Through Partnerships with 14 Organizations
- NEW YORK -- Centers to Provide Tax Assistance to Those Qualifying for the Earned Income Tax Credit HSBC Bank USA, N.A. (NYSE: HBC) announced today that it has pledged financial, employee and promotional support to more than 100 volunteer-run income tax assistance sites. Through partnerships with 14 community...
- Research articles 2005-02-14
- Shiningbank Energy Announces U.S. Income Tax Status
- The following information is being provided to assist individual U.S. unitholders of Shiningbank Energy Income Fund (the "Fund") (TSX: SHN.UN) in reporting distributions received from the Fund during 2006 on their U.S. Individual Income Tax Return (Form 1040). This summary is not exhaustive of all possible U.S. income tax...
- Research articles 2006-12-18
- Shiningbank Energy Announces 2006 Canadian Income Tax Information.
- CALGARY, ALBERTA, Feb 15, 2007 CCNMatthews via COMTEX -- Shiningbank Energy Income Fund (TSX:SHN.UN) (the "Fund") provides the following information to assist its Canadian unitholders in reporting distributions received in 2006 from Shiningbank on their personal 2006 Income Tax Return ("2006 T1"). This...
- Research articles 2007-02-15
- Is it Optimal to Accelerate the Payment of Income Tax on Share-Based Compensation?
- The value of stock-based compensation is typically taxed as ordinary income to the employee at vesting, but subsequent gains on the stock are capital gains. I examine whether it is ever optimal for an employee to accelerate the payment of ordinary income tax in order for subsequent gains to be...
- White papers 2003-09-19
