"Income tax" represents the amount paid in federal and provincial taxes, while "Income after tax" is defined as total income minus income tax paid. (Source: 1996 Census Dictionary, Cat. No. 92-351-XPE, Statistics Canada)
These are taxes on income, both earned income (salaries, wages, tips, commissions) and unearned income (interest from savings accounts, dividends if you hold stock). Individuals and businesses are subject to income taxes.
The main source of revenue for the federal government and many Provinces. The tax is based on your earned and unearned income. The amount or percentage taxed is based on the amount of income, using the governments graduated tax scale.
Tax paid on any income earned over your personal allowance (£4,195 for the 1998/99 tax year). The first £4,300 of taxable earnings incurs 20 per cent tax, from £4,301 to £27,100 incurs 23 per cent tax, and over £27,100 incurs 40 per cent tax
Income tax is payable on any income, whether it's derived from working or investment. Every person however can earn a certain amount of money each year before tax kicks in. This is the Personal Allowance.
This tax is payable by almost all earners, and is charged at different levels depending on how much you earn. The top level of income tax, payable by those earning more than £27000 is 40 per cent. The basic rate is 22 per cent.
an aggregate tax, whereby the liability is arrived at by considering the aggregate result after adding up all items of assessable income and subtracting all allowable deductions. Income tax imposes a personal liability on the person who derives the income. Thus, personal identity is extremely important. In cases of a taxpayer defaulting on payment of income tax, the identity, whereabouts and financial position of the taxpayer are all relevant. (p. 216)
(added July 2002) Individuals, trustees and personal representatives are potentially liable to income tax. Companies pay corporation tax on profits and gains, but may also pay income tax (e.g. on certain investment income). Income tax is paid on taxable income of the tax (or 'fiscal') year, which runs from 6 April to the following 5 April. Individuals (men, women and children) are broadly chargeable to income tax, on UK and overseas income if they are UK resident, subject to certain exceptions if they are not ordinarily resident or non UK domiciled. Non-residents are generally liable to income tax on income arising in the UK. Double tax relief may generally be claimed if the same income is taxable in the UK and a foreign country. Taxable income is broadly calculated by adding together amounts under different categories (known as 'Schedules' and 'Cases'), reducing this total by allowable deductions and personal allowances if appropriate, applying income tax rates to that taxable income, and reducing the tax so calculated by certain other deductions and allowances (if applicable).
A tax on income. Income tax is normally zero on some bands of small incomes, both on equity grounds and because of the expense of collecting tiny amounts of tax. It is then normally proportional up to some upper limit; income beyond this is taxed at higher rates. Thus income tax is usually progressive. An individual's taxable income is calculated after deducting various allowances, in respect of assorted items which may include mortgage interest payable, charitable donations, responsibility for dependents, age allowances, medical insurance, and superannuation contributions. Income for tax purposes may include or exclude imputed items such as the value of the services of owner-occupied houses. Capital gains may be included as income, excluded, or taxed separately from income. Income tax may be collected from individuals in arrears, or by deduction at source through pay-as-you-earn (PAYE) in the UK, or a withholding tax on incomes from employment and payment of dividends net of tax by companies, in the US.
This is tax you pay on the income you earn each year above a certain amount. As well as your salary, income tax is also charged on interest and dividends you receive. The amount of tax you pay depends on the amount of money you earn and on your allowances.
A system of taxation based on earnings from employment, profits from self employment, income received from investments and capital gains from the sale of property. The U.S. income tax system permits numerous exemptions, exclusions and deductions and utilizes a graduated tax rate structure ranging from a bottom rate of 10% to a top rate of 35%.
An income tax is a tax levied on the financial income of persons, corporations, or other legal entities. Various income tax systems exist, with varying degrees of tax incidence. Income taxation can be progressive, proportional, or regressive.