Legal Dictionary

Search results for: “taxable income”

  • Deduction

    Legal Definition and Related Resources of Deduction Meaning of Deduction An item subtracted from gross income to arrive at adjusted gross income or taxable income . See B. C. Cook & Son- s.Inc. v C.I.R., (C.A.5)584 F.2d53. <div […]

  • Investment in the Contract

    United States Tax Concept of Investment in the Contract The total investment cost of an annuity. The portion of your annuity payment attributable to your investment in the contract is not included in your taxable income.

  • Tax Preference Items

    Items such as tax-loss carry forwards and carry backs and investment tax credits that shield corporate taxable income from taxes….

  • Combat Zone

    United States Tax Concept of Combat Zone A geographical area designated by the President of the United States as a combat zone. Members of the armed forces can exclude from taxable income military pay that they earn while working in a combat zone.

  • Tax Tables

    United States Tax Concept of Tax Tables Tables of tax amounts published by the IRS for taxpayers with taxable income of less than $100,000 to use to compute their income tax. If your taxable income is more than $100,000 you must use the tax rate schedules.

  • Tax Deductions

    United States Tax Concept of Tax Deductions Amounts that a person or business can subtract from their income before calculating their taxable income. The more you can deduct the less tax you pay.

  • Marginal Tax Rate

    The tax rate that would have to be paid on any additional dollars of taxable income earned….

  • Tax Rate Schedule

    United States Tax Concept of Tax Rate Schedule Schedules of tax amounts published by the IRS for taxpayers with taxable income of more than $100,000 to use to compute their income tax. If your taxable income is less than $100,000 you must use the tax tables.

  • Bargain Sale

    United States Tax Concept of Bargain Sale to Charity The sale of property to a charity at a price that’s less than the fair market value. Under certain circumstances this may result in a tax deduction or taxable income to you. If the property has appreciated in value you must allocate your […]

  • Parsonage Allowance

    United States Tax Concept of Parsonage Allowance A housing allowance for clergy which is designated by the church or other employer organization for the expenses of providing and maintaining a home. A clergyman’s designated housing allowance is not included in taxable income to the […]

  • Personal Exemptions

    United States Tax Concept of Personal Exemptions An amount of income a taxpayer can receive tax free unless he or she may be claimed as a dependent by another taxpayer. Married taxpayers filing jointly receive two exemptions. Taxable income is reduced for each exemption. Exemptions are phased […]

  • Form 1040A

    United States Tax Concept of Form 1040A The U.S. Individual Income Tax Return Form 1040A is the short form version of Form 1040. You can usually use Form 1040A if you do not itemize or own a business and your taxable income is under $50,000.

  • United States

    The term may be used in one of several senses, either as the name of a sovereign occupying the position analogous to that of other sovereigns in the family of nations, or as designating the territory over which the sovereignty of the United States extend, or as the collective nane of the States […]

  • Distribution of the Tax Burden

    Hierarchical Display of Distribution of the tax burden Finance > Taxation > Fiscal policy Meaning of Distribution of the tax burden Overview and more information about Distribution of the tax burden For a more comprehensive understanding of Distribution of the tax burden, see in the […]

  • Market

    Legal Definition and Related Resources of Market Meaning of Market A public place of commercial activity where goods are bought and sold. A public time and appointed place of buying and selling; also purchase and sale. In the stock market, the […]