Income tax

income taxesincometaxespersonal income taxindividual income taxincome tax lawincome taxationtaxincome-taxIRPEF
An income tax is a tax imposed on individuals or entities (taxpayers) that varies with respective income or profits (taxable income).wikipedia
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Tax

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An income tax is a tax imposed on individuals or entities (taxpayers) that varies with respective income or profits (taxable income).
Most countries charge a tax on an individual's income as well as on corporate income.

Corporate tax

corporation taxcorporate income taxbusiness tax
The tax imposed on companies is usually known as corporate tax and is levied at a flat rate.
The tax systems of most countries impose an income tax at the entity level on certain type(s) of entities (company or corporation).

Taxable income

exemptionincomeIRC §63
An income tax is a tax imposed on individuals or entities (taxpayers) that varies with respective income or profits (taxable income).
Taxable income refers to the base upon which an income tax system imposes tax.

Tax rate

marginal tax ratetax rateseffective tax rate
Income tax generally is computed as the product of a tax rate times taxable income.
In the United States, sales taxes are usually quoted exclusively and income taxes are quoted inclusively.

Robert Peel

Sir Robert PeelPeelSir Robert Peel, 2nd Baronet
In the United Kingdom of Great Britain and Ireland, income tax was reintroduced by Sir Robert Peel by the Income Tax Act 1842.
He cut tariffs to stimulate trade, replacing the lost revenue with a 3% income tax.

Revenue Act of 1861

August 5, 1861Income Tax of 1861
The US federal government imposed the first personal income tax on August 5, 1861, to help pay for its war effort in the American Civil War - (3% of all incomes over US$800) (equivalent to $0 in ).
292]'', included the first U.S. Federal income tax statute (see Sec.49).

Henry Addington, 1st Viscount Sidmouth

Henry AddingtonLord SidmouthAddington
Pitt's income tax was levied from 1799 to 1802, when it was abolished by Henry Addington during the Peace of Amiens.
Addington's domestic reforms doubled the efficiency of the Income tax.

Sixteenth Amendment to the United States Constitution

Sixteenth Amendment16th AmendmentSixteenth
In 1913, the Sixteenth Amendment to the United States Constitution made the income tax a permanent fixture in the U.S. tax system.
The Sixteenth Amendment (Amendment XVI) to the United States Constitution allows Congress to levy an income tax without apportioning it among the states on the basis of population.

Wang Mang

Emperor of ChinainterruptionTenpō
In the year 10 AD, Emperor Wang Mang of the Xin Dynasty instituted an unprecedented income tax, at the rate of 10 percent of profits, for professionals and skilled labor.
In addition, in 10, Wang also instituted an unprecedented tax—the income tax – at the rate of 10 percent of profits, for professionals and skilled labor.

Income Tax Act 1842

Income Tax Actintroduced
In the United Kingdom of Great Britain and Ireland, income tax was reintroduced by Sir Robert Peel by the Income Tax Act 1842.
The Income Tax Act 1842 (citation 5 & 6 Vict c. 35) was an Act of the Parliament of the United Kingdom, passed under the government of Robert Peel, which re-introduced an income tax in Britain, at the rate of 7 pence (2.9%, there then being 240 pence in the pound) in the pound on all annual incomes greater than £150.

William Pitt the Younger

William PittPittPitt the Younger
This income tax was introduced into Great Britain by Prime Minister William Pitt the Younger in his budget of December 1798, to pay for weapons and equipment for the French Revolutionary War.
Pitt was also forced to introduce Great Britain's first ever income tax.

American Civil War

Civil WarU.S. Civil WarUnited States Civil War
The US federal government imposed the first personal income tax on August 5, 1861, to help pay for its war effort in the American Civil War - (3% of all incomes over US$800) (equivalent to $0 in ).
The Revenue Act of 1861 introduced the income tax to help finance the war.

Tithe

tithestithingtenth
Practices such as tithing, or an offering of first fruits, existed from ancient times, and can be regarded as a precursor of the income tax, but they lacked precision and certainly were not based on a concept of net increase.
Under this law Italian taxpayers are able to vote how to partition the 0.8% ('eight per thousand') of the total income tax IRPEF levied by Italy among some specific religious confessions or, alternatively, to a social assistance program run by the Italian State.

Taxation in Germany

solidarity surchargeGerman tax systemGermany
Tax systems in Canada, China, Germany, Singapore, the United Kingdom, and the United States, among others, follow most of the principles outlined below.
Many direct and indirect taxes exist in Germany; income tax and VAT are the most significant.

Income tax in the United States

federal income taxincome taxincome taxes
Many systems allow married individuals to request joint assessment.
The income taxes are determined by applying a tax rate, which may increase as income increases, to taxable income, which is the total income less allowable deductions.

Wilson–Gorman Tariff Act

Wilson-Gorman TariffWilson–Gorman Tariff1894
It was only in 1894 that the first peacetime income tax was passed through the Wilson-Gorman tariff.
Supported by pro-free trade members of the Democratic Party, this attempt at tariff reform imposed the first peacetime income tax (2% on income over $4,000, or $88,100 in 2010 dollars, which meant fewer than 1% of households would pay any).

Pollock v. Farmers' Loan & Trust Co.

Income Tax SuitPollock v. Farmers' Loan and Trust CompanyPollock v. Farmers' Loan & Trust Company
The US Supreme Court ruled the income tax unconstitutional, the 10th amendment forbidding any powers not expressed in the US Constitution, and there being no power to impose any other than a direct tax by apportionment.
The shortfall in revenue was to be made up by an income tax of two percent on income above $4,000, equivalent to $ today.

Taxation in the United Kingdom

income taxUK tax lawtaxation
The United Kingdom has three levels of residence.
Central government revenues come primarily from income tax, National Insurance contributions, value added tax, corporation tax and fuel duty.

Progressive tax

progressiveprogressive taxationprogressive income tax
Some systems impose higher rates on higher amounts of income.
The term is frequently applied in reference to personal income taxes, in which people with lower income pay a lower percentage of that income in tax than do those with higher income.

Income tax in Australia

income taxAustralian-resident shareholdersAustralian income tax system
Most references below are examples; see specific articles by jurisdiction (e.g., Income tax in Australia).
On individuals, income tax is levied at progressive rates, and at one of two rates for corporations.

State income tax

income taxincome taxesstate income taxes
Some jurisdictions, particularly the United States and many of its states and Switzerland, impose the higher of regular income tax or an alternative tax.
Forty-three states and many localities in the United States may impose an income tax on individuals.

Withholding tax

withholdingwithholding taxeswithhold
Income tax is generally collected in one of two ways: through withholding of tax at source and/or through payments directly by taxpayers.
A withholding tax, or a retention tax, is an income tax to be paid to the government by the payer of the income rather than by the recipient of the income.

Pay-as-you-earn tax

PAYEpay-as-you-earnpay-as-you-go
Withholding for employees is often referred to as "pay as you earn" (PAYE) or "pay as you go."
Amounts withheld are treated as advance payments of income tax due.

Income tax in Singapore

personal income taxesSingapore
Tax systems in Canada, China, Germany, Singapore, the United Kingdom, and the United States, among others, follow most of the principles outlined below.
Income tax in Singapore involves both individual income tax and corporate income tax.