Income tax sentence example
Many times, the death benefit your loved ones receives is income-tax free.
At the general elections of 1881 after the fall of the Ferry cabinet he was returned to the chamber on a programme which included the separation of Church and State, a policy of decentralization, and the imposition of an income-tax.
Above all, the chancellor's mode of handling the income-tax attracted interest and admiration.
In his initial declaration to the chamber the new premier had declared his intention of continuing the policy of the late cabinet, pledging the new ministry to a policy of conciliation, to the consideration of old age pensions, an income-tax, separation of Church and State.
In addition to the ordinary general property tax, licences and polls, there are a tax on corporations and an income tax.Advertisement
The Light Railways Act and the Locomotives on Highways Act were added to the statute book in 1896, and various clauses in the Finance Act effected reforms in respect of the death duties, the land-tax, farmers' income-tax and the beer duty.
The ordinary revenue and expenditure amount each to about £4,000,000 annually, the chief taxes being an income-tax, succession duties and stamp tax.
He protests against Peel's Income Tax Bill of 1842; against the Aberdeen Act 1843, as conferring undue power on church courts; against the perpetuation of diocesan courts for probate and administration; against Lord Stanley's absurd bill providing compensation for the destruction of fences to dispossessed Irish tenants; and against the Parliamentary Proceedings Bill, which proposed that all bills, except money bills, having reached a certain stage or having passed one House, should be continued to next session.
In 1908 an Income Tax and a Land Tax Act was passed; the land tax being a halfpenny in the £ " on the aggregate unimproved value " - it brought in £30,000 in 1908-1909.
Moreover, the Liberal promises of economy had been largely falsified, the reductions in the navy estimates being dangerous in themselves, while the income tax still remained at practically the war level.Advertisement
In Upper Burma the chief source of revenue is the thathameda, a tithe or income tax which was instituted by King Mindon, and was adopted by the British very much as they found it.
The system of the catasto, which led to abuses, was abolished, and a progressive income-tax (decima scalata) was introduced with the object of lightening the burdens of the poor, who were as a rule Medicean, at the expense of the rich; but as it was frequently increased the whole community came to be oppressed by it in the end.
He promised that, if he were returned to power, he would repeal the income-tax.
As minister of finance in the Bourgeois cabinet (from the 3rd of November 1895 to the 21st of April 1896) he tried without success to introduce an income-tax.
The income-tax is not levied on incomes drawn from land.Advertisement
Of the direct taxes the land tax produced 52 millions, the house taxes 127 millions, the taxes on industry 127 millions and the income tax 102 millions.
The first of them, in 1842, was signalized by the introduction of the Income Tax as a means of raising revenue to replace that lost by the diminished import duties.
At the diet of 151o the chancellor and primate, Adam Laski, proposed an income-tax of 50% at once, and 5% for subsequent years, payable by both the lay and clerical estates.
He promised never to declare war or levy troops without the consent of the sejm, undertook to fill all vacancies within a certain time, and released the szlachta from the payment of income-tax, their one remaining fiscal obligation.
In the Constituent Assembly he was a member of the committee of taxes (comité des contributions), prepared a scheme for a new system of taxation, drew up a law on patents, occupied himself with the laws relating to stamps and assignats, and was successful in opposing the introduction of an income tax.Advertisement
When compelled to find means for financing the war in South Africa, he insisted on combining the raising of loans with the imposition of fresh taxation; and besides raising the income-tax each year, up to is.
The revenue of the Territory for the fiscal year ending the 30th of June 1908 amounted to $2,669,748.32, of which $640,051.42 was the proceeds of the tax on real estate, $635,265.81 was the proceeds of the tax on personal property; and among the larger of the remaining items were the income tax ($266,241.74), waterworks ($141,898.04), public lands (sales, $37,585.75; revenue, $122,541.71) and licences ($206,374.28).
The heavy taxation of the war years was still retained, to the disgust especially of the income-tax payers; and new issues arose over the Education Act, labour questions, and the introduction of Chinese labour into South Africa (in 1904), which were successfully used against the government in the constituencies.
Properly a "duty" differs from a "tax" in being levied on specific commodities, transactions, estates, &c., and not on individuals; thus it is right to talk of import-duties, excise-duties, deathor succession-duties, &c., but of income-tax as being levied on a person in proportion to his income.
In1907-1908the gross receipts from income tax amounted to £1,504,000.Advertisement
He reorganized the customs system, imposed an income tax and licence duty and created a state paper currency.
The Democratic tariff in 1893 had been enacted as part of the general revenue measure, which included an income-tax.
The income-tax having been declared unconstitutional by the Supreme Court, the measure had failed to produce a sufficient revenue, and it had been necessary to increase the public debt.
The replacement of the four direct taxes by the income tax in France, as proposed in 1909, is a very recent example.
Another limiting condition is found in the practical impossibility of levying by local agencies such imposts as the customs and the income-tax in their modern forms. The elaborate machinery that is requisite for covering the national area and securing the revenue against loss can only be provided by an authority that can deal with the whole territory.
The income tax itself is not, in all cases, really paid to the state directly by the person out of whose income it comes.
Direct taxation in the shape of income tax was substituted for indirect taxation previously levied, in order to relieve trade from the shackles of duties and charges which had become allembracing.
The income tax (q.v.) for many years has been the most prominent, and latterly it has been the most productive, single tax.
In December of the same year this impost was repealed, and a true income tax of io per cent.
The varieties of income charged being very great, and special claims for consideration having been set up at different times, the result has been the formation of an income tax code, defining the methods and rules for assessing the different classes of profits and income, and prescribing the way in which abatements and exemptions are to be obtained.
The character of the tax is accordingly much less odious than it would be if an account of individual incomes were invariably demanded, as was the case in the United States during the Civil War, when an income tax existed for a short time.
Other taxes grouped with the income tax by the authorities are house duty and land tax, but they are unimportant by comparison.
The house duty replaced a window tax and other charges which were formerly not unimportant, especially in the interval between 1815 and 1843, when there was no income tax.
The incidence is probably much the same as that of the income tax itself, though there are curious questions as to the ultimate incidence as between owners and occupiers of houses.
The land tax is quite unimportant, being an ancient tax upon an old assessment which has long become obsolete, and it interests economists most of all by the illustration it furnishes of what may be called a rentcharge tax - a tax, that is, which has been so long in existence and so fixed in its basis that it becomes in reality a charge upon the property, and not a direct burden upon the person who pays it, as the income tax is upon the person who pays it or for whom it is paid.
There remain principally the income tax and one or two minor "direct" taxes, and the customs and excise duties.
These, it is said, can be distributed among different classes of tax-payers, because the income tax falls on the owners of incomes of all kinds of property subject to the duty, if their incomes are above a certain limit, while the incidence of customs and excise duties can be ascertained by inquiries as to the consumption of dutiable articles by different classes.
If all who pay income tax are lumped together and contrasted with those who do not pay, then there is a false division to begin with, and there is so far no means of establishing equality or inequality.
On the other hand, the consumption by the income tax paying classes of customs and excise articles must vary indefinitely amongst themselves, according to personal habits, size of families, and even their geographical distribution.
Of course there may be single taxes which are progressive in form, such as the licence tax in France, or the income tax in Great Britain, where progression is established by abatements, or the death duties, where progression by scale is very common.
Income-tax was raised from 5s.
In the budget of 1842 Sir Robert Peel terminated the deficit by reviving the income tax.
Instead of allowing the income tax to expire, he induced parliament to continue it for a further period, and with the resources which were thus placed at his disposal he purged the tariff of various small duties which produced little revenue, and had been imposed for purposes of protection.
A certain increase of the income tax to a shilling seemed a much more serious calamity than the uncertain prospect of a possible invasion.
He suggested that the cost of these measures should be defrayed by extending the income tax to Ireland to industrial incomes of 100 and to permanent incomes of 50 a year, as well as by doubling the house tax, and extending it to all 10 householders.
The revenue increased by leaps and bounds, and the income tax was gradually reduced till it stood at 4d.
He announced his decision in an address to his constituents, in which, among other financial reforms, he promised to repeal the income tax.
A Law of Hostages, which was really a new Law of Suspects, and a progressive income tax showed the temper of the majority.
In 1906 the net value of property assessed to estate duty, &c., in Ireland was £16,016,000 as compared with £306,673,000 in England and £38,451,000 in Scotland; and in 1905 the net produce of the income tax in Ireland was £983,000, as compared with £ 2 7,4 2 3, 000 in England and £2,888,000 in Scotland.
The country was still bearing an income-tax of elevenpence in the pound; it appeared that the old sources of revenue were inadequate; and meanwhile the statistics of trade, it was argued, showed that the English free-import system hampered English trade while providing the foreigner with a free market.
Make the capital investment tax deductible against income tax.
Investment in energy saving measures should be made tax deductible against income tax.
In recent years new forms of Income Tax relief have been introduced, to encourage the entrepreneur.
Features of new offense The new offense is to be " knowingly concerned in the fraudulent evasion of income tax " .
You can deduct maintenance expenses from your Spanish income tax.
Citizens and Corporations must pay income tax on ALL earned money, even if it is earned overseas.
The green tax switch - taxing gas-guzzlers and planes to cut income tax - is essential.
Work in this area includes income tax and capital planning work for individuals and for companies, their shareholders and executives.
We'll change income tax to help the less well off and we'll ask the very wealthy to contribute more.
For example, there is no corporate income tax on retained earnings.
There is no minimum age at which a person becomes liable to pay income tax.
There really are conservative politicians who have spent the past four years waiting for Labor to put up income tax or renationalise British Telecom.
Truffle cheese provolone angeles has the any income tax.
On the highest level of income tax the same £ 100 will earn a rebate of £ 40.
The basis of an assessment is the gross rents receivable less any allowable expenses incurred by the landlord in any income tax year.
We may now reclaim tax on donations of any amount, provided that the donor has paid sufficient Income Tax to cover the claim.
To start with corporation tax rates are much lower than income tax rates.
Moreover, the development of its coal-mines and agriculture was vigorously prosecuted, and in 1910 it was found possible to abolish both the Income Tax and Land Tax and yet have a surplus in revenue.
The deficiency thus created was to be met by a " succession-duty," or application of the legacy-duty to real property; by an increase of the duty on spirits; and by the extension of the income-tax, at 5d.
Land-taxes, however, were finally abolished in 1904, and their place was taken by an increased taxation on real estate, revised triennially, and by an income tax arranged on a sliding scale, up to 4% of the income (9.6 pence in the £), settled according to individual declaration.
Calculations, for instance, as to what people at the lower levels of the income tax must pay because they happen to be struck by every sort of tax as no other class is, and calculations as to the freedom from taxation of large numbers of other classes whose habits of consumption and living enable them to escape the tax-gatherer as the class to which they belong cannot generally do, may help a finance minister in the selection of taxes to be repealed or reduced or to be newly imposed.
Figures that showed well-chosen words by the latest fashion any income tax.
Contact a tax attorney about how to declare gold sales on your income tax forms, and make sure you're aware of the additional fees, such as commissions, that you may end up paying on a purchase.
Additionally, when the bond matures the investor will have to pay federal, state, and local income tax on the imputed interest that accrues each year.
But if you have a large amount of debt settlement, say $20,000 or more, it could push you into the next tax bracket, making your overall income tax higher.
Recordkeeping - Expenditures are detailed in statements and online reports for bookkeeping and income tax purposes.
Having your income tax refund automatically loaded onto your card - All you need to do is provide the RushCard routing number and account number on your income tax form.
They are considered income in the hands of the recipient and must be declared on the annual income tax return.
To understand how spousal support is treated for income tax purposes in the hands of the person making the payments and the recipient, start with an alimony definition.
This could result in the payer receiving a higher income tax refund, since he or she is effectively splitting income with the separated or former spouse.
A payment made to another person or company on behalf of a spouse for housing, medical bills, tuition or taxes may also be considered alimony payments for income tax purposes.
The payer and recipient cannot file a joint income tax return for any year where a deduction for alimony payments is being claimed.
If you made changes to your home or purchased a car that provide energy efficiency you could have qualified for tax credits on your 2007 Federal income tax.
The federal tax credits for geothermal heat pump systems ended in 2010, but those who installed systems were able to take tax credits for 2011 income tax returns.
It allows you to save for retirement while deferring income tax on the money placed into your account.
The goal in estate planning is to preserve assets, while minimizing the amount of income tax payable.
Often a state may seem like it is an ideal place to retire because it has a perfect climate or does not have state income tax.
The CRA is a good place to start for Canadians, for example, regarding income tax issues, collecting GST, and registering your business name.
The laid-back lifestyle, sunny beaches, and lack of personal income tax still make Florida an attractive destination for relocating.
Determine the total amount of federal income tax you owe for that specific year.
Make sure that you get a receipt from the donation center for your records to use for your income tax return.
For income tax purposes all donations to the organization are tax deductible at the fair market value of the donated items.
This means that you can take a deduction on your federal income tax return for the donation of your vehicle.
The donor may receive an income tax deduction, though writing off a car donation is more complicated than with other types of charitable gifts.
Transfer the car to the charity, get a receipt for the donation, and file the receipt with the other paperwork until time to file your next income tax return.
Compounding the problems, the late actor Robert Shaw was on a very tight schedule due to US income tax reasons and threatened to walk off the set several times.
Some homeowners may even qualify for income tax breaks (see a professional accountant for more information).
You can also claim it as an expense come income tax time.
Delaware does not charge corporations income tax for all corporations formed in Delaware as long as they do not transact business within the state.
Be sure that you keep up with everything that you are allowed to write-off so that you don't end up with a higher income tax bill than necessary.
Consult with an accountant who can explain what the requirements are for the area where your business is located.If you are incorporated, different income tax rules apply.
Under federal law, corporate income tax returns are due the 15th day of the third month after the end of the business year chosen by the corporation.
If the official year end is December 31, then the company's income tax return is due by March 15 of the following year.
Another thing to know about taxes and businesses is that you will need to file income tax returns for your business each year, whether you turned a profit or not.
These taxes include federal income tax withholding, Social security and Medicare taxes, and the federal unemployment tax.
Employees file income tax forms based on their individual financial situations.
The employee then has to include the amount of the contribution on his or her income tax return.
The Act established the Social Security Board (SSB) to administer the program and an income tax as the means to fund it.
In addition, the federal income tax withholding rates were reduced.
Non-refundable credits can only be used to the amount they reduce your income tax to zero.
To receive an extension of time to file your tax return, you must file Form 4868, titled "Application for Automatic Extension of Time to File U.S. Individual Income Tax Return."
The two largest IRS assistance programs are the Volunteer Income Tax Assistance Program (VITA) and Tax Counseling for the Elderly (TCE).