Income Tax Threshold
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Income Tax Threshold
The income tax threshold is the income level at which a person begins paying income taxes An income tax is a tax A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity In law, a legal person is any person A person (plural people or persons) is a being that has c .... The income tax threshold equates to the: *Personal allowance In the UK tax system, personal allowance is the threshold above which income tax An income tax is a tax A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity In law ... in the UK, which is £12,500 for 2019/20. *Basic allowance in Germany, which is €9,408 in 2020. *Income tax threshold in France, which was €6,088 in 2012. *The standard deduction Under United States tax law The United States of America The United States of America (USA), commonly known as the United States (U.S. or US) ...
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Income Taxes
An income tax is a tax A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity In law Law is a system A system is a group of Interaction, interacting or interrelated elements that act accord ... imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable incomeTaxable income refers to the base upon which an income tax system imposes tax. In other words, the income over which the government imposed tax. Generally, it includes some or all items of income and is reduced by expenses and other deductions. The ...). Income tax generally is computed as the product of a tax rate times the taxable income. Taxation rates may vary by type or characteristics of the taxpayer and the type of income. The tax rate may increase as taxable income increases (referred to as graduated or progressive tax A progressive tax is a tax A tax is a compulsory ...
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Personal Allowance
In the UK tax system, personal allowance is the threshold above which income tax An income tax is a tax A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity In law Law is a system A system is a group of Interaction, interacting or interrelate ... is levied on an individual's income. A person who receives less than their own personal allowance in taxable income (such as earnings and some benefits) in a given tax year A fiscal year (or financial year, or sometimes budget year) is used in government accounting, which varies between countries, and for budget purposes. It is also used for financial reporting by businesses and other organizations. Laws in many jur ... does not pay income tax; otherwise, tax must be paid according to how much is earned above this level. Certain residents are entitled to a larger personal allowance than others. Such groups include: the over-65s (followed by a fur ...
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Standard Deduction
Under United States tax law The United States of America The United States of America (USA), commonly known as the United States (U.S. or US), or America, is a country Contiguous United States, primarily located in North America. It consists of 50 U.S. state, states, ..., the standard deduction is a dollar amount that non- itemizers may subtract from their income before income tax An income tax is a tax A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity In law Law is a system A system is a group of Interaction, interacting or interrelate ... (but not other kinds of tax, such as payroll tax) is applied. Taxpayers may choose either itemized deduction Under United States tax law, itemized deductions are eligible expenses that individual taxpayers can claim on federal income Tax return (United States), tax returns and which decrease their taxable income, and is claimable in place of a st ...
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Basic Income Guarantee
Universal basic income (UBI) is a sociopolitical financial transfer concept in which all citizens of a given population regularly receive a legally stipulated and equal financial grant paid by the government without a means test. A basic income can be implemented nationally, regionally, or locally. If the level is sufficient to meet a person's basic needs (i.e., at or above the poverty line), it is sometimes called a full basic income; if it is less than that amount, it may be called a partial basic income. Some have labelled UBI as utopian due to its historical origin. There are several welfare arrangements that can be viewed as related to basic income. Many countries have something like a basic income for children. Pension may be partly similar to basic income. There are also quasi-basic income systems, like Bolsa Familia in Brazil, which is conditional and concentrated on the poor, or the Thamarat Program in Sudan, which was introduced by the transitional government to ease ...
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Tax Bracket
Tax brackets are the divisions at which tax rate In a tax A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity In law, a legal person is any person A person (plural people or persons) is a being that has certain capaci ...s change in a progressive tax A progressive tax is a tax A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity In law, a legal person is any person A person (plural people or persons) is a being that h ... system (or an explicitly regressive tax A regressive tax is a tax A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity In law, a legal person is any person A person (plural people or persons) is a being that has ... system, though that is rarer). Essentially, tax brackets are the cutoff values for taxable income—income past a c ...
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Taxable Income
Taxable income refers to the base upon which an income tax system imposes tax. In other words, the income over which the government imposed tax. Generally, it includes some or all items of income and is reduced by expenses and other deductions. The amounts included as income, expenses, and other deductions vary by country or system. Many systems provide that some types of income are not taxable (sometimes called non-assessable income) and some expenditures not deductible in computing taxable income. Some systems base tax on taxable income of the current period, and some on prior periods. Taxable income may refer to the income of any taxpayer, including individuals and corporations, as well as entities that themselves do not pay tax, such as partnerships, in which case it may be called “net profit”. Most systems require that all income Realization (tax), realized (or derived) be included in taxable income. Some systems provide tax exemption#Exempt income, tax exemption for s ...
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