Comprehensive overview of 401(k) plans: employer-sponsored retirement savings accounts providing tax advantages and investment options for future retirement income.
ACRS, or Accelerated Cost Recovery System, was a method of depreciating property for tax purposes in the United States, utilized before MACRS. It introduced accelerated depreciation methods.
Adjusted Gross Income (AGI) represents your total gross income minus specific deductions, and is a key figure for tax calculations.
A comprehensive look at after-tax income, its calculation, importance, and application in personal finance and business.
The return on an investment after accounting for taxes but not for inflation. Understanding and calculating After-Tax Return is crucial for maximizing investment efficiency and financial planning.
The After-Tax Yield is the net return on an investment after accounting for taxes, providing a clearer picture of the actual return for investors in different tax brackets. It is crucial for assessing the true profitability of taxable investments.
A detailed exploration of allowances in various contexts, including invoices, employee expenses, and tax deductions.
The Alternative Minimum Tax (AMT) System is designed to ensure that taxpayers pay at least a minimum amount of tax despite deductions and credits.
A comprehensive overview of the Alternative Minimum Taxable Income (AMTI), including its definition, calculation, and implications.
An in-depth exploration of the differences between appraisals and valuations, their historical context, importance, applicability, and examples.
Back Duty refers to the amount of tax that should have been paid in previous years but was not assessed due to failure by the taxpayer to disclose full income details to tax authorities. It typically involves unpaid taxes on undisclosed or understated income.
An in-depth look at before-tax income, its calculation, significance, and impact on financial planning.
An in-depth look at the burden rate, which encompasses the total cost of employment beyond direct wages, including benefits and taxes.
A comprehensive guide to understanding business taxes, including historical context, types, key events, mathematical models, and more.
Comprehensive exploration of Capital Gain Tax, covering historical context, types, key events, formulas, applicability, examples, related terms, interesting facts, quotes, FAQs, and more.
Comprehensive overview of Capital Gains and Losses, their historical context, types, key events, detailed explanations, mathematical formulas, diagrams, and more.
Learn about Capital Gains Tax (CGT), a tax levied on the profit made from the sale of assets. Understand its definition, types, considerations, applications, and more.
An in-depth exploration of Capital Gains Tax (CGT), its history, types, key events, and importance in finance and investments.
An indication from a taxing authority that a certain provision does not apply to a particular transaction.
An in-depth examination of the Community Charge, or Poll Tax, including its history, purpose, implementation, and impact.
An in-depth look at Customs and Excise, their historical context, functions, and significance in government revenue systems.
An in-depth exploration of Customs Duty, including its historical context, types, key events, formulas, and importance.
Disposable Personal Income (DPI) is the amount of money a household has available for spending and saving after income taxes have been deducted.
Domestic Rates refer to a previous system of property taxation based on the rental value of properties. This comprehensive guide delves into its historical context, types, key events, and detailed explanations, with examples, related terms, and FAQs.
An in-depth exploration of double taxation, including its types, historical context, key events, mathematical models, and real-world applications.
Duties are financial charges levied on imported and exported goods, representing a critical aspect of international trade and a common subject of disputes in Customs Court.
Detailed explanation of the process of submitting tax returns electronically, its types, benefits, and considerations.
Learn the crucial differences between earned and unearned income, including their definitions, examples, and relevance to tax regulations such as the Kiddie Tax.
The distinct number issued by the IRS to EROs.
Detailed overview of the Employer Identification Number (EIN), its purpose, application process, and significance for businesses.
Understanding the importance and implications of an escrow cushion, which involves extra funds in an escrow account to cover unexpected tax or insurance increases.
Understanding the critical differences between Estate Tax and Inheritance Tax, including their definitions, applications, and legal implications.
Form 1040A was a simplified version of the IRS Form 1040, designed for taxpayers with straightforward tax situations. It was discontinued after 2017.
An in-depth look at Form W-2, the document employers use to report employees' annual wages and the amount of taxes withheld from their paycheck.
An in-depth exploration of Gaming Duty, a tax imposed on gaming company profits, including historical context, types, key events, and more.
Gross Payment Status is a classification for subcontractors that allows them to receive full payment without any tax deductions at the source.
Gross Up involves converting a net amount into its equivalent gross amount, accounting for taxes or other deductions. This article explains the concept, its importance in finance and accounting, and provides formulas, examples, and related terms.
GST is a comprehensive, multi-stage, destination-based tax that replaces various other indirect taxes in many jurisdictions, similar in structure to VAT but may have different implementations and rates.
HM Revenue and Customs (HMRC) is the UK government department responsible for the collection of taxes and the administration of various welfare services.
An individual who employs one or more persons to perform services within their place of residence.
An in-depth exploration of income from self-employment, encompassing historical context, types, key events, detailed explanations, and more.
An Individual Taxpayer Identification Number (ITIN) is issued by the IRS to individuals required to have a U.S. taxpayer identification number but who are not eligible to obtain a Social Security Number (SSN).
An in-depth exploration of inheritance tax, its history, mechanisms, and implications for individuals in the UK.
A comprehensive guide on the Inland Revenue, its historical context, roles, and functions within government taxation systems.
A detailed look into the Internal Revenue Service (IRS), its roles, responsibilities, history, and importance in the United States.
An in-depth examination of the Internal Revenue Service (IRS), its historical context, functions, and significance in the US taxation system.
An in-depth overview of the Investment Income Surcharge, its historical context, types, implications, and related terms.
An in-depth review by the IRS of an individual's or organization's accounts and financial information to ensure that all information is accurately reported according to tax laws.
A comprehensive guide to the Individual Taxpayer Identification Number (ITIN), its purpose, application, and significance for U.S. taxpayers who are not eligible for a Social Security Number (SSN).
Exploring the concept of leakages in Keynesian economics, their types, impact on the economy, and strategies to address them.
Medicare Taxes are a portion of FICA taxes specifically allocated to the Medicare program, providing healthcare for individuals aged 65 and older.
An in-depth examination of National Insurance Contributions (NICs), including their history, types, key events, mathematical models, importance, applicability, examples, and related terms.
An in-depth look at National Insurance Contributions (NICs), their importance, types, historical context, and how they work.
An in-depth look into National Insurance Contributions (NICs) in the UK, their history, types, key events, formulas, and their significance.
Net Amount refers to the amount remaining after deductions such as taxes and discounts, essential in finance and accounting.
Understanding the concept of Net Capital Gain, its calculations, implications, and applications in finance and taxation.
Understanding the concept of Net Dividend Per Share, its significance in finance, and how it impacts investors.
An in-depth look at net earnings from self-employment, including definitions, calculations, examples, historical context, and related terms.
Net Pay is the amount of money an employee receives after all deductions and withholdings from their gross pay. It represents the actual earnings an employee takes home.
Net Payment refers to the amount of money received by an individual or entity after all taxes and deductions have been subtracted from the gross payment.
An in-depth look at non-primary residences, their types, examples, and implications in real estate, taxes, and regulations.
A comprehensive look into Non-Qualified Retirement Plans, their types, key events, significance, and more.
A Non-Qualified Stock Option (NSO) is a type of stock option that does not qualify for special tax treatments and can be granted to employees, directors, contractors, and others.
A measure of a company's profitability that focuses solely on operational activities, excluding non-operating items such as interest income and expenses.
A comprehensive guide to PAYE (Pay As You Earn), its historical context, functioning, key events, importance, and more.
A comprehensive overview of payroll deductions, including taxes, benefits, and other essential components deducted from an employee's paycheck.
A detailed exploration of Permanent Differences in accounting and taxation, their types, key events, implications, and related concepts.
Pre-tax contributions are contributions made from an employee's paycheck before federal and state taxes are deducted, offering tax-saving benefits.
An exhaustive examination of property income from abroad, covering historical context, categories, key events, and applicability. This article is tailored for comprehensive understanding and includes charts and examples.
A type of dividend that meets specific IRS criteria for favorable tax rates.
A detailed explanation of the term 'Qualifying Person', a dependent who makes a taxpayer eligible for Head of Household (HOH) status in tax filings, including definitions, requirements, and examples.
A comprehensive guide on Real Estate Investment Trusts (REITs) including historical context, types, key events, detailed explanations, and related terms.
A detailed overview of refund claims, explaining the process, definitions, types, examples, and other related considerations in seeking the return of overpaid taxes from the IRS.
A detailed explanation of Required Minimum Distributions (RMDs), the minimum amount that must be withdrawn from retirement accounts annually starting at age 72.
Revenue Support Grant (RSG) in the UK involves central government funding provided to local authorities to supplement income from local taxes, assisting them in maintaining services and tax levels comparable to other regions.
A comprehensive exploration of road tax, including its history, types, key events, mathematical models, and more.
A method of making regular savings that carries tax privileges, commonly used to encourage employee share ownership and tax-free savings in various financial institutions.
SDRT (Stamp Duty Reserve Tax) is a tax levied in the United Kingdom on the electronic purchase of shares. This article explores the history, types, key events, importance, and other aspects of SDRT.
The tax obligation for self-employed individuals covering both employee and employer contributions.
Self-assessment is a system that allows taxpayers to determine their own income tax and capital gains tax liabilities, introduced to streamline tax processes and provide flexibility.
Sin taxes are levies imposed on socially harmful goods such as tobacco and alcohol, aimed at reducing consumption and generating government revenue, though not always based on precise external cost calculations.
An in-depth look at Social Security Contributions, their historical context, types, key events, and importance in funding social safety nets.
An in-depth look at Social Security Taxes, their history, function, impact on society, and key considerations for taxpayers.
An in-depth article on Stamp Duty, including its historical context, types, key events, detailed explanations, mathematical formulas, importance, applicability, examples, related terms, comparisons, interesting facts, quotes, and FAQs.
Standard-Rated Supplies are those goods and services which are subject to the standard rate of VAT, which is 20% in the UK.
Detailed exploration of tariffs, including their definition, types, historical context, and economic implications.
A detailed examination of the tax base, its types, key historical context, importance, and applicability. Understand the impact of tax allowances and exemptions on the tax base and the broader economic implications.
Exploring the economic loss experienced by taxpayers and the relative amount of tax paid by different income groups.
Tax evasion involves illegally minimizing tax liabilities by not disclosing taxable income or providing false information to authorities. Distinguished from tax avoidance, which is legal, tax evasion is a criminal act that can lead to severe penalties.
A detailed exploration of Tax Evasion, including historical context, types, key events, explanations, and more.
Tax Exemptions: A method of reducing taxable income by exempting certain types of income or transactions from taxation.
An in-depth exploration of tax holidays, their historical context, types, importance, applications, and examples with references to key events, and detailed explanations.
An in-depth exploration of tax incentives, their types, historical context, key events, and detailed explanations. Includes mathematical models, charts, importance, applicability, examples, related terms, comparisons, interesting facts, quotes, and FAQs.
Understanding the importance and details of the tax payment deadline, including types, historical context, key events, formulas, and best practices.
A repayment by the tax authorities of excess tax previously collected. Learn about its historical context, importance, applicability, types, and key events.
The tax threshold is the income level at which a higher tax rate begins to apply. It plays a critical role in tax systems and affects individual and business financial planning.
A comprehensive exploration of tax-deferred interest, including its historical context, types, key events, detailed explanations, and its importance in financial planning.
A comprehensive guide to Tax-Deferred Investments, detailing their historical context, types, key events, explanations, formulas, importance, examples, and more.
An in-depth exploration of tax-exempt status, a classification often designated to non-profit organizations to be free from paying federal income tax.
An in-depth exploration of Tax-Free Savings accounts, their types, benefits, historical context, and key considerations.
