We're doing our best to make sure our content is useful, accurate and safe. If by any chance you spot an inappropriate comment while navigating through our website please use this form to let us know, and we'll take care of it shortly. Forgot your password? Retrieve it. Abbreviation » Term. Term » Abbreviation. Word in Term. Term » Abbr. Filter by: Select category from list What does TAX mean?
Couldn't find the full form or full meaning of TAX? Discuss these TAX abbreviations with the community: 0 Comments. Notify me of new comments via email. Cancel Report. In addition to the idiom beginning with tax. New Word List Word List.
Save This Word! See synonyms for tax on Thesaurus. We could talk until we're blue in the face about this quiz on words for the color "blue," but we think you should take the quiz and find out if you're a whiz at these colorful terms. Origin of tax —; v. Words nearby tax tawny owl , tawny pipit , tawpie , taws , tawse , tax , taxable , taxaceous , taxation , taxation without representation , Taxation without representation is tyranny. Sometimes may have a substantive effect e. An official interpretation by the IRS of the Code, related statutes, regulation, and tax treaties.
Explains the IRS's position on how the law is applied to a specific set of facts. Responds to a technical or procedural question that develops during the examination of a taxpayer's return, the consideration of a taxpayer's claim for refund, or any other matter that involves the jurisdiction of a District Director or Area Director of Appeals.
A decision involving new or unusual points of law. Decided by the entire court en banc. Officially published in Tax Court Reports T. A decision dealing with established legal issues and hinge on interpretations of fact. Decided by the trial judge.
Decisions are not appealable and are not considered precedent. An alternative numbering scheme for Treasury Regulations. This number is chronologically assigned. Treasury Regulations. A reporter of opinions for tax cases in federal district and appellate courts, published by CCH. Note: Many IRS rulings included in the chart are obsolete and no longer used.
Obsolete documents are frequently cited, and some obsolete documents may still have legal standing. Georgetown Law Library Guides U. Search this Guide Search. Tax Research - Federal Guide This guide on federal tax research explains where and how to find tax materials. Tax revenues are used for public services and the operation of the government, as well as for Social Security and Medicare.
As baby boomer populations have aged, Social Security and Medicare have claimed increasingly high proportions of the total federal expenditure of tax revenue. Throughout U. On the other hand, tax avoidance —actions taken to lessen your tax liability and maximize after-tax income—is perfectly legal.
Most governments use an agency or department to collect taxes. There are several very common types of taxes:. Below, we will take a look at various tax situations in the United States. Generally speaking, the federal government levies income, corporate, and payroll taxes; the state levies income and sales taxes; and municipalities or other local governments mainly levy property taxes.
Like many nations, the United States has a progressive income tax system, through which a higher percentage of tax revenues are collected from high-income individuals or corporations than from low-income individual earners. Taxes are applied through marginal tax rates. A variety of factors affect the marginal tax rate that a taxpayer will pay, including their filing status— married filing jointly , married filing separately , single , or head of household.
Which status a person files can make a significant difference in how much they are taxed. Capital gains taxes are of particular relevance for investors. Levied and enforced at the federal level, these are taxes on income from the sale of assets in which the sale price was higher than the purchasing price. These are taxed at both short- and long-term rates.
Tax records should be maintained to substantiate the length of ownership when both the assets were sold and the tax return was filed. In , employees pay 1. Payroll taxes have both an employee portion and an employer portion. The employer remits both the employee portion, described above, and a duplicate amount for the employer portion. The employer rates are the same 6. Therefore, the total remitted is Payroll taxes are specifically to fund Social Security and Medicare programs. A self-employed individual must pay the equivalent of both the employee and employer portion of payroll taxes through self-employment taxes , which also fund Social Security and Medicare.
Sales taxes are charged at the point of sale , when a customer executes the payment for a good or service. The business collects the sales tax from the customer and remits the funds to the government. Different jurisdictions charge different sales taxes, which often overlap, as when states, counties, and municipalities each levy their own sales taxes.
As of , the highest average state and local sales tax rate is found in Tennessee, at 9. Alaska does allow municipalities to charge local sales tax. A common property tax in the United States is the real estate ad valorem tax.
Reassessments are typically performed every one to five years.
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