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Income tax |
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Income taxA compulsory tax on employment and investment income.In most countries income tax is progressive on successive slices of income, so that the more you earn the higher the incremental rates of tax you pay.In the UK, everyone is allowed to make a certain amount of income before any tax is payable. Known as the 'personal allowance', the amount increases with age, and for the year 2003-2004 the figures are:Under 65: £4,61565-74: £6,61075 and over: £6,720If your income in a tax year is below these thresholds, you are not liable for income tax. In some circumstances, where tax has been deducted at source, you will be able to reclaim tax already paid.For earnings above your personal allowance, your income tax liability will go up in bands and vary according to whether the income is from employment, share dividends or interest. The lowest rate is 10% and the highest is 40%.Similar MatchesCorporate income taxCorporate income taxA tax on the profits of corporations. Differences in corporate tax rates across countries can be a cause of foreign direct investment as well as transfer pricing. Gross incomeGross incomeYour total income before tax and expenditures. Loss of income insuranceLoss of income insuranceInsurance coverage that will pay out income that a policyholder loses as a result of a disability, injury, or business disruption. Employee Retirement Income Security Act (ERISA)Employee Retirement Income Security Act (ERISA)The law that regulates the operation of private pensions and benefit plans. Employee Retirement Income Security ActEmployee Retirement Income Security ActIn the US, a federal law introduced for the protection of participants in private pension plans. Further SuggestionsNominal incomeDisposable income Allocation of income rules Per capita income Postponing income deferred income income bond loss of income insurance Unearned income (revenue) Tax exempt income income from property invisible income disposable income Economic income Income fund personal income nominal income Discretionary income Ordinary income Spread income Income property Report of Condition and Income income Income statement (statement of operations) Income redistribution argument for a tariff |
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