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Income Taxes: Income Tax, Income Tax in the United States, Income Taxes in Canada, Income Tax in India, Income Tax in Australia Books LLC

Income Taxes: Income Tax, Income Tax in the United States, Income Taxes in Canada, Income Tax in India, Income Tax in Australia

Books LLC

Published August 16th 2011
ISBN : 9781156665558
Paperback
36 pages
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 About the Book 

Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Pages: 35. Chapters: Income tax, Income tax in the United States, Income taxes in Canada, Income tax in India, Income taxMorePlease note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Pages: 35. Chapters: Income tax, Income tax in the United States, Income taxes in Canada, Income tax in India, Income tax in Australia, State income tax, Negative income tax, Income tax in the Netherlands, Income splitting, Lifetime income tax, Papal income tax, Kleinwachters Conundrum, National Association of Enrolled Agents, Local income tax, Personal allowance, American Society of Tax Problem Solvers, Individual income tax in Singapore, Tax refund interception, Tax professional, Rouanet Law, Pre-owned asset tax. Excerpt: In the United States, a tax is imposed on income by the Federal, most state, and many local governments. The income tax is determined by applying a tax rate, which may increase as income increases, to taxable income as defined. Individuals and corporations are directly taxable, and estates and trusts may be taxable on undistributed income. Partnerships are not taxed, but their partners are taxed on their shares of partnership income. Residents and citizens are taxed on worldwide income, while nonresidents are taxed only on income within the jurisdiction. Several types of credits reduce tax, and some types of credits may exceed tax before credits. An alternative tax applies at the Federal and some state levels. Taxable income is total income less allowable deductions. Income is broadly defined. Most business expenses are deductible. Individuals may also deduct a personal allowance (exemption) and certain personal expenses, including home mortgage interest, state taxes, contributions to charity, and some other items. Some deductions are subject to limits. Capital gains are fully taxable, and capital losses reduce taxable income only to the extent of gains. Individuals currently pay a lower rate of tax on capital gains and certain corporate dividends. Taxpayers generally must self assess income tax by filing tax return...