Category: Tax

Tax Brackets

See Also: Marginal Tax Rate Prepaid Income Tax Ad Valorem Tax Deferred Income Tax Cash Flow After Tax Tax Brackets What are tax brackets? Tax brackets are levels of taxation determined by income. Individuals with income falling within a certain tax bracket pay taxes according to the stated rate for that bracket. Typically, lower income

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Impact of FIT on Sustainable Growth Rate

The Institute of Fiscal Studies authored a study on tax systems in the UK called “Tax by Design: Mirrlees Review.” They concluded that “in the long-run, the tax system should be judged in part on its impact on the sustainable growth rate of the economy… viewing efficiency in a dynamic as well as static sense.” As we

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W2 Form

See Also: 401k Cash Flow After Tax Deferred Income Tax Form 1098 Marginal Tax Rate W2 Form Definition The W2 form definition is used by employers to report employees‘ wages to the Internal Revenue Service (IRS). The W-2 is also used to report the amount of taxes that have been withheld from each paycheck. W2

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Unclaimed Property

See Also: Flat Tax Rates Marginal Tax Rate Prepaid Income Tax Tax Brackets Deferred Income Tax Unclaimed Property Definition The unclaimed property definition is any funds, or asset, that is unclaimed by the rightful owner. A common example of unclaimed property is the unredeemed value of gift cards and gift certificates. Other typical examples include

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Tax Efficiency

See Also: Federal Unemployment Tax Act (FUTA) Tax Brackets Prepaid Income Tax Marginal Tax Rate Cash Flow After Tax Ad Valorem Tax Tax Efficiency Definition Tax efficiency, defined as the process of organizing an investment so that it receives the least possible taxation, is as important in general investment as it is in business. Business,

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Tax Abatement

Tax Abatement Definition Tax abatement, defined as the decreasing of the tax responsibility of a firm by government, is one of the tools which government uses to motivate behavior in a firm. A tax abatement credit is generally given to a firm when the government wants the saved money to be spent in another way:

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Special Tax Bond

Special Tax Bond Definition A Special Tax Bond is a bond, usually issued by a government entity. It uses a particular tax to pay off creditors. Special Tax Bond Meaning Local governments like cities or states normally use special tax bonds. A government entity will use a special tax bond for city or state management.

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Social Security Rate

Social Security Rate Definition The social security rate definition is a tax taken out of employees and employers salaries and wages. This tax goes towards the social security program in the United States. The founders built this program to provide benefits to eligible retired persons. Social Security Tax Rate Meaning The current social security tax

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S Corporation vs C Corporation

See Also: S Corporation C Corporation Limited Liability Company (LLC) S Corporation vs C Corporation Although these two entities are very similar, there has always been a debate between an S corporation vs C corporation. The S corporation vs C corporation debate has been ongoing for a while. The following are some major differences that

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S Corporation

An S corporation (S-Corp), also called a subchapter S corporation, is a type of business organization that is structured like a corporation but taxed like a partnership. Find the applicable law in Chapter 1, Subchapter S, of the Internal Revenue Code. S-corps do not have to pay corporate income taxes. Instead, include the company’s profits

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Prepaid Income Tax

In accounting, Prepaid Income Tax is defined as an asset listed on the balance sheet that represents taxes that have been already paid despite not yet having been incurred. It is also called a deferred income tax asset. Prepaid Income Tax Explanation Prepaid income tax is a form of prepaid expense. The most common reason

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Nexus Overview

Nexus Overview “Nexus” is a connection between a state and a taxpayer, sufficient enough to allow the state to subject the taxpayer to its taxing jurisdiction and require the taxpayer to file tax returns and pay taxes. The concept is fairly straight forward, and easily understood, by companies doing business solely within the boundaries of

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