Also known as the Social Security Wage base, this base is the maximum amount of earned income upon which employees must pay Social Security taxes. Generally, the employee's gross wages will be equal to the taxable wage base. And typically an employee's employer will handle this calculation and withold the correct amount of taxes from each paycheck, but the employee is still responsible for reporting the tax. In some instances, an employee will earn wages that can be classified as excess wages. These excess wages can be subtracted from gross income and so taxable wage base will be lower than gross income.
A divestiture of a subsidiary or division by a publicly traded company, which will be subject to capital gains taxation. The subsidiary will become completely independent from the parent corporation, operating entirely on its own. To qualify as a taxable transaction, the parent corporation must divest through direct sale of the division, or the assets it contains. The profits made from the sale will be taxed as capital gains. A taxable spinoff will bring in liquid assets to the company, usually in the form of cash. The downside of this transaction comes from the decrease in income from the capital gains tax. If a parent company wishes to avoid a taxation, they may consider a tax-free spin off. By distributing new shares for the division or prorating new stock to current owners, the company will be able to avoid any capital gains from divestiture.
An individual or entity that is obligated to make payments to municipal or government taxation agencies. The term taxpayer generally describes one who pays taxes. Taxes can exist in the form of income taxes as required by Federal and state governments and property taxes imposed on owners of real property (such as homes and vehicles) by municipal governments, along with many other forms. Nearly all adults in the United States are subject to some form of taxation and, therefore, most adults are taxpayers. The term taxpayer often refers to the workforce of a country who pays for government projects through taxation. Nearly all government-funded projects are funded by the taxpayers, which can cause some controversy depending on the project.
The composite total of all taxes that is owed by a taxpayer for the year. This number is essentially the penultimate point in the tax formula. It accounts for all credits and deductions due the taxpayer but not any tax payments made during the year. Total tax is then compared with payments made to see whether a refund is due or there is a balance owed. For 2007, the total tax amount is shown on line 63 of the Form 1040, line 37 of Form 1040A and line 10 of Form 1040EZ. Total Tax has three basic components: income tax, alternative minimum tax and self-employment tax. It does not include sales or estate tax.
A means of taxing spot currency conversions that was originally suggested by American economist James Tobin (1918-2002). The Tobin tax was developed with the intention of penalizing short-term currency speculation, and to place a tax on all spot conversions of currency. Rather than a consumption tax paid by consumers, the Tobin tax was meant to apply to financial sector participants as a means of controlling the stability of a given country's currency. The Tobin tax has been controversial since it was originally introduced in 1972 by James Tobin, recipient of the Nobel Memorial Prize in Economics in 1981. Opponents of the tax indicate it would eliminate any profit potential for currency markets. Proponents state that the tax would help stabilize currency and interest rates because many countries' central banks do not have the cash in reserve that would be needed to balance a currency selloff.
A tax imposed on cigarettes to help pay for healthcare for the state’s poor and contribute to cancer research and smoking prevention and cessation programs. The idea behind the tobacco tax is to try and prevent more children from becoming smokers and persuade adult smokers to quit. Also referred to as "cigarette tax". Between 2002 and 2010, 47 states, Washington, D.C., and several U.S. territories have increased their cigarette tax rates more than 100 times. Each state has different prices due to varying state tax rates in addition to different manufacturer, wholesaler, and retailer pricing and discounting practices. More states have tried increasing rates in an effort to decrease the number of teenagers who start smoking and to minimize the illnesses related to smoking and second-hand smoke.
Funds received over and above wages for services rendered. Also known as gratuities. If an individual collects tips over a given amount during a calendar month, it must be reported to the employer.
A measure states can adopt to ensure corporations pay state taxes on 100% of their profits. Traditional state apportionment formulas base state corporate taxes on a formula that considers where a corporation's property, payroll and sales are located. These formulas result in "nowhere income," or income on which a corporation does not pay tax in any state. The throwback rule is meant to eliminate this tax loophole. Critics consider traditional apportionment formulas unfair to small businesses that have profits that are 100% taxable because all of their business activities are located in a single state. These businesses end up paying taxes on a greater percentage of their profits than some multi-state corporations do. Critics also think that multi-state corporations with "nowhere income" are burdening state residents by not paying for their fair share of public services, and that the corporate income tax has declined significantly as a source of state revenue as a result of the "nowhere income" loophole.
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