Tax Bracket
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Tax Bracket
Tax brackets are the divisions at which tax rate In a tax system, the tax rate is the ratio (usually expressed as a percentage) at which a business or person is taxed. There are several methods used to present a tax rate: statutory, average, marginal, and effective. These rates can also be p ...s change in a progressive tax A progressive tax is a tax in which the tax rate increases as the taxable amount increases.Sommerfeld, Ray M., Silvia A. Madeo, Kenneth E. Anderson, Betty R. Jackson (1992), ''Concepts of Taxation'', Dryden Press: Fort Worth, TX The term ''progre ... system (or an explicitly regressive tax A regressive tax is a tax imposed in such a manner that the tax rate decreases as the amount subject to taxation increases. "Regressive" describes a distribution effect on income or expenditure, referring to the way the rate progresses from high t ... system, though that is rarer). Essentially, tax brackets are the cutoff values for taxable income—income past a c ...
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Tax Rate
In a tax system, the tax rate is the ratio (usually expressed as a percentage) at which a business or person is taxed. There are several methods used to present a tax rate: statutory, average, marginal, and effective. These rates can also be presented using different definitions applied to a tax base: inclusive and exclusive. Statutory A statutory tax rate is the legally imposed rate. An income tax could have multiple statutory rates for different income levels, where a sales tax may have a flat statutory rate. The statutory tax rate is expressed as a percentage and will always be higher than the effective tax rate. Average An average tax rate is the ratio of the total amount of taxes paid to the total tax base (taxable income or spending), expressed as a percentage. * Let t be the total tax liability. * Let i be the total tax base. ::= \frac. In a proportional tax, the tax rate is fixed and the average tax rate equals this tax rate. In case of tax brackets, commonly used ...
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United States Income Tax
Income taxes in the United States are imposed by the federal government A federation (also known as a federal state) is a political entity characterized by a political union, union of partially Federated state, self-governing provinces, states, or other regions under a central #Federal governments, federal gover ..., and most states. The income tax An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Income tax generally is computed as the product of a tax rate times the taxable income. Tax ...es are determined by applying a tax rate, which may increase as income increases, to taxable income Taxable income refers to the base upon which an income tax An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Income tax generally is computed ..., which is the total income ...
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Itemized Deduction
Under United States tax law The United States of America The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country Continental United States, primarily located in North America. It consists of 50 U.S. s ..., itemized deductions are eligible expenses that individual taxpayers can claim on federal income tax return A tax return is the completion of documentation that calculates an entity or individual's income earned and the amount of taxes to be paid to the government or government organizations or, potentially, back to the taxpayer. Taxation is one of ...s and which decrease their taxable income, and is claimable in place of a standard deduction Under United States tax law, the standard deduction is a dollar amount that non-Itemized deduction, itemizers may subtract from their income before Income tax in the United States, income tax (but not other kinds of tax, such as payroll tax) is a ..., if avai ...
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401(k)
In the United States, a 401(k) plan is an employer-sponsored, defined contribution, defined-contribution, personal pension (savings) account, as defined in subsection 401(k) of the U.S. Internal Revenue Code. Periodical employee contributions come directly out of their paychecks, and may be Employer matching program, matched by the employer. This legal option is what makes 401(k) plans attractive to employees, and many employers offer this option to their (full-time) workers. There are two types: traditional and Roth 401(k). For Roth accounts, contributions and withdrawals have no impact on income tax. For traditional accounts, contributions may be deducted from taxable income and withdrawals are added to taxable income. There are limits to contributions, rules governing withdrawals and possible penalties. The benefit of the Roth account is from tax-free capital gains. The net benefit of the traditional account is the sum of (1) a possible bonus (or penalty) from withdrawals at ...
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Professional Tax Preparer
A professional is a member of a profession A profession is a field of work that has been successfully '' professionalized''. It can be defined as a disciplined group of individuals, '' professionals'', who adhere to ethical standards and who hold themselves out as, and are accepted b ... or any person who works Works may refer to: People * Caddy Works Pierce "Caddy" Works (January 2, 1896 – July 19, 1982) was an American basketball and baseball coach. He was the head basketball coach at University of California, Los Angeles (UCLA)—known as the ... in a specified professional activity. The term also describes the standards of education and training that prepare members of the profession with the particular knowledge and skills necessary to perform their specific role within that profession. In addition, most professionals are subject to strict codes of conduct, enshrining rigorous ethical Ethics or moral philosophy is a branch of philosophy that "involves sy ...
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Tax Accountant
An accountant is a practitioner of accounting Accounting, also known as accountancy, is the measurement, processing, and communication of financial and non financial information about economic entity, economic entities such as businesses and corporations. Accounting, which has been calle ... or accountancy. Accountants who have demonstrated competency through their professional associations' certification exams are certified to use titles such as Chartered Accountant, Chartered Certified Accountant Founded in 1904, the Association of Chartered Certified Accountants (ACCA) is the global professional accounting body offering the Chartered Certified Accountant qualification (ACCA). It has 240,952 members and 541,930 future members worldwid ... or Certified Public Accountant Certified Public Accountant (CPA) is the title of qualified accountants in numerous countries in the English-speaking world. It is generally equivalent to the title of chartered accountant in ...
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Rate Schedule (federal Income Tax)
A rate schedule is a chart that helps United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country Continental United States, primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., ... taxpayers determine their federal income tax for a particular year.Samuel A. Donaldson, ''Federal Income Taxation of Individuals: Cases, Problems and Materials'', 2nd Edition (St. Paul: Thomson/West, 2007), 8-9.Internal Revenue Service, United States Department of the Treasury, "2007 Federal Tax Rate Schedules," https://www.irs.gov/pub/irs-prior/i1040tt--2007.pdf. Another name for "rate schedule" is "rate table". Origin The origin of the current rate schedules is the Internal Revenue Code The Internal Revenue Code (IRC), formally the Internal Revenue Code of 1986, is the domestic portion of federal statutory tax law in the United States, published in various volumes of the Un ...
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Personal Exemption (United States)
Under United States tax law The United States of America The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country Continental United States, primarily located in North America. It consists of 50 U.S. s ..., a personal exemption is an amount that a resident taxpayer is entitled to claim as a tax deduction Tax deduction is a reduction of income that is able to be taxed and is commonly a result of expenses, particularly those incurred to produce additional income. Tax deductions are a form of tax incentives, along with exemptions and tax credits. T ... against personal income in calculating taxable income Taxable income refers to the base upon which an income tax An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Income tax generally is computed ... and consequently federal income tax Income taxe ...
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Standard Deduction
Under United States tax law, the standard deduction is a dollar amount that non-Itemized deduction, itemizers may subtract from their income before Income tax in the United States, income tax (but not other kinds of tax, such as payroll tax) is applied. Taxpayers may choose either itemized deductions or the standard deduction, but usually choose whichever results in the lesser amount of tax payable. The standard deduction is available to US citizens and Alien (law), aliens who are resident for tax purposes and who are individuals, married persons, and Head of Household, heads of household. The standard deduction is based on Filing Status (federal income tax), filing status and typically increases each year. It is not available to nonresident aliens residing in the United States (with few exceptions, for example, students from India on F1 visa status can use the standard deduction). Additional amounts are available for persons who are blind and/or are at least 65 years of age. The ...
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Tax Cuts And Jobs Act
The Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018, , is a congressional revenue act of the United States originally introduced in Congress as the Tax Cuts and Jobs Act (TCJA), that amended the Internal Revenue Code of 1986. Major elements of the changes include reducing tax rates for businesses and individuals, increasing the standard deduction and family tax credits, eliminating personal exemptions and making it less beneficial to itemize deductions, limiting state and local tax deduction, deductions for state and local income taxes and property taxes, further limiting the mortgage interest deduction, reducing the alternative minimum tax for individuals and eliminating it for corporations, doubling the estate tax exemption, and cancelling the penalty enforcing individual mandate of the Affordable Care Act (ACA). The Act is based on tax reform advocated by congressional Republican Party (United States ...
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Progressive Tax
A progressive tax is a tax in which the tax rate increases as the taxable amount increases.Sommerfeld, Ray M., Silvia A. Madeo, Kenneth E. Anderson, Betty R. Jackson (1992), ''Concepts of Taxation'', Dryden Press: Fort Worth, TX The term ''progressive'' refers to the way the tax rate progresses from low to high, with the result that a taxpayer's average tax rate is less than the person's marginal tax rate.Hyman, David M. (1990) ''Public Finance: A Contemporary Application of Theory to Policy'', 3rd, Dryden Press: Chicago, ILJames, Simon (1998) ''A Dictionary of Taxation'', Edgar Elgar Publishing Limited: Northampton, MA The term can be applied to individual taxes or to a tax system as a whole. Progressive taxes are imposed in an attempt to reduce the tax incidence of people with a lower wikt:ability to pay, ability to pay, as such taxes shift the incidence increasingly to those with a higher ability-to-pay. The opposite of a progressive tax is a regressive tax, such as a sales tax, ...
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Singapore Dollar
The Singapore dollar (currency sign, sign: S$; ISO 4217, code: SGD) is the official currency of the Republic of Singapore. It is divided into 100 cent (currency), cents. It is normally abbreviated with the dollar sign $, or S$ to distinguish it from other dollar-denominated currencies. The Monetary Authority of Singapore (MAS) issues the banknotes and coins of the Singapore dollar. As of 2019, the Singapore dollar is the 13th-most traded currency in the world by value. Apart from its use in Singapore, the Singapore dollar is also accepted as customary tender in Brunei according to the Currency Interchangeability Agreement between the Monetary Authority of Singapore and the Brunei Darussalam Central Bank, Autoriti Monetari Brunei Darussalam (Monetary Authority of Brunei Darussalam). Likewise, the Brunei dollar is also customarily accepted in Singapore. History The Spanish dollar, Spanish-American silver dollar brought over by the Manila galleons was in wide circulation in Asi ...
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