tax Archives - Page 19 of 28

tax

Tax Liability (or total tax bill) The amount of tax that must be paid. Taxpayers meet (or pay) their federal…

4 years ago

Tax Exemption A part of a person's income on which no tax is imposed.

4 years ago

Tax-Exempt Interest Income Interest income that is not subject to income tax. Tax-exempt interest income is earned from bonds issued…

4 years ago

Tax Evasion A failure to pay or a deliberate underpayment of taxes.

4 years ago

Taxes Required payments of money to governments that are used to provide public goods and services for the benefit of…

4 years ago

Tax Deduction An amount (often a personal or business expense) that reduces income subject to tax.

4 years ago

Tax Cut A reduction in the amount of taxes taken by the government.

4 years ago

Tax Credit A dollar-for-dollar reduction in the tax. Can be deducted directly from taxes owed

4 years ago

Tax Code The official body of tax laws and regulations.

4 years ago

Tax Avoidance An action taken to lessen tax liability and maximize after-tax income.

4 years ago