income tax

Tag: income tax

Payroll Accounting

See also: Commission Accounting PEO Arrangement Compared to Outsourcing Payroll Direct Labor Pension Plans Federal Unemployment Tax Act (FUTA) Outsourced Accounting Services Payroll Accounting is the function of calculating and distributing wages, salaries, and withholdings to employees and certain agencies. It is generally done through different documents such as time sheets, paychecks, and a payroll

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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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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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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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Internal Revenue Service (IRS)

See Also: Cash Flow After Tax Deferred Income Tax Ad Valorem Tax Tax Brackets Tax Efficiency Internal Revenue Service (IRS) Definition The Internal Revenue Service or IRS for short is a government agency underneath the Department of Treasury. Furthermore, it is primarily responsible for administration and collections of federal income taxes. Internal Revenue Service (IRS)

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Gross Up

See Also: Adjusted Gross Income Definition Gross Profit Margin Ratio Analysis PEO Arrangement Compared to Outsourcing Payroll Payroll Accounting Purchase Option Gross Up Definition Defined as paying a full amount without any deductions, gross up is most often used in terms of salary for employees. Gross Up Explanation Gross up, explained as a method for

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Deferred Income Tax

See Also: Marginal Tax Rate Prepaid Income Tax Flat Tax Rates Tax Brackets Deferred Revenue Cash Flow After Tax Deferred Income Tax Definition In accounting, the deferred income tax definition is a liability listed on the balance sheet. It represents an obligation to pay taxes. Deferred Tax Asset and Liability Most large corporations prepare two sets

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Direct Tax Definition

See Also: Indirect Labor Direct Labor Direct Cost vs. Indirect Cost Unsecured Credit Flat Tax Rates Tax Abatement Direct Tax Definition Direct tax, defined as a tax directly on the amount of a taxable item, is the current tax method of the U.S.A. Currently in the U.S., this includes taxes wages, property, capital gains, or

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Adjusted Gross Income Definition

See Also: Financial Ratios Operating Profit Margin Ratio Net Profit Margin Adjusted Gross Income Margin vs Markup Adjusted Gross Income Definition The adjusted gross income definition (AGI) is a taxpayer’s gross taxable income. It consists of total income minus allowable adjustments. These allowable adjustments, also known as “above the line deductions,” reduce the amount of

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History of Income Tax Rates: Refresher

After the President’s recent State of the Union speech it might be a good time to refresh our knowledge of the history of income tax rates. Given the massive deficit that the government is creating it is inevitable that income tax rates will go up. But by how much? History should provide a clue as

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