New Page 1




Selettore risorse   



                                         IL Metodo  |  Grammatica  |  RISPOSTE GRAMMATICALI  |  Multiblog  |  INSEGNARE AGLI ADULTI  |  INSEGNARE AI BAMBINI  |  AudioBooks  |  RISORSE SFiziosE  |  Articoli  |  Tips  | testi pAralleli  |  VIDEO SOTTOTITOLATI
                                                                                         ESERCIZI :   Serie 1 - 2 - 3  - 4 - 5  SERVIZI:   Pronunciatore di inglese - Dizionario - Convertitore IPA/UK - IPA/US - Convertitore di valute in lire ed euro                                              




- Great Painters
- Accounting
- Fundamentals of Law
- Marketing
- Shorthand
- Concept Cars
- Videogames
- The World of Sports

- Blogs
- Free Software
- Google
- My Computer

- PHP Language and Applications
- Wikipedia
- Windows Vista

- Education
- Masterpieces of English Literature
- American English

- English Dictionaries
- The English Language

- Medical Emergencies
- The Theory of Memory
- The Beatles
- Dances
- Microphones
- Musical Notation
- Music Instruments
- Batteries
- Nanotechnology
- Cosmetics
- Diets
- Vegetarianism and Veganism
- Christmas Traditions
- Animals

- Fruits And Vegetables


  1. Account
  2. Accountancy
  3. Accountant
  4. Accounting cycle
  5. Accounting equation
  6. Accounting methods
  7. Accounting reform
  8. Accounting software
  9. Accounts payable
  10. Accounts receivable
  11. Accrual
  12. Adjusted basis
  13. Adjusting entries
  14. Advertising
  15. Amortization
  16. Amortization schedule
  17. Annual report
  18. Appreciation
  19. Asset
  20. Assets turnover
  21. Audit
  22. Auditor's report
  23. Bad debt
  24. Balance
  25. Balance Sheet
  26. Banking
  27. Bank reconciliation
  28. Bankruptcy
  29. Big 4 accountancy firm
  30. Bond
  31. Bookkeeping
  32. Book value
  33. British qualified accountants
  34. Business
  35. Business process overhead
  36. Capital asset
  37. Capital goods
  38. Capital structure
  39. Cash
  40. Cash flow
  41. Cash flow statement
  42. Certified Management Accountant
  43. Certified Public Accountant
  44. Chartered Accountant
  45. Chartered Cost Accountant
  46. Chart of accounts
  47. Common stock
  48. Comprehensive income
  49. Consolidation
  50. Construction in Progress
  51. Corporation
  52. Cost
  53. Cost accounting
  54. Cost of goods sold
  55. Creative accounting
  56. Credit
  57. Creditor
  58. Creditworthiness
  59. Current assets
  60. Current liabilities
  61. Debentures
  62. Debits and Credits
  63. Debt
  64. Debtor
  65. Default
  66. Deferral
  67. Deferred tax
  68. Deficit
  69. Deloitte Touche Tohmatsu
  70. Depreciation
  71. Direct tax
  72. Dividend
  73. Double-entry bookkeeping system
  74. Earnings before interest and taxes
  75. Earnings Before Interest, Taxes and Depreciation
  76. Earnings before Interest, Taxes, Depreciation and Amortization
  77. Engagement Letter
  78. Equity
  79. Ernst a& Young
  80. Expense
  81. Fair market value
  82. FIFO and LIFO accounting
  83. Finance
  84. Financial accounting
  85. Financial audit
  86. Financial statements
  87. Financial transaction
  88. Fiscal year
  89. Fixed assets
  90. Fixed assets management
  91. Fixed Assets Register
  92. Forensic accounting
  93. Freight expense
  94. Fund Accounting
  95. Furniture
  96. General journal
  97. General ledger
  98. Generally Accepted Accounting Principles
  99. Going concern
  100. Goodwill
  101. Governmental accounting
  102. Gross income
  103. Gross margin
  104. Gross profit
  105. Gross sales
  106. Historical cost
  107. Hollywood accounting
  108. Imprest system
  109. Income
  110. Income tax
  111. Indirect tax
  112. Insurance
  113. Intangible asset
  114. Interest
  115. Internal Revenue Code
  116. International Accounting Standards
  117. Inventory
  118. Investment
  119. Invoice
  120. Itemized deduction
  121. KPMG
  122. Ledger
  123. Lender
  124. Leveraged buyout
  125. Liability
  126. Licence
  127. Lien
  128. Liquid asset
  129. Long-term assets
  130. Long-term liabilities
  131. Management accounting
  132. Matching principle
  133. Mortgage
  134. Net Income
  135. Net profit
  136. Notes to the Financial Statements
  137. Office equipment
  138. Operating cash flow
  139. Operating expense
  140. Operating expenses
  141. Ownership equity
  142. Patent
  143. Payroll
  144. Pay stub
  145. Petty cash
  146. Preferred stock
  147. PricewaterhouseCoopers
  148. Profit
  149. Profit and loss account
  150. Pro forma
  151. Purchase ledger
  152. Reserve
  153. Retained earnings
  154. Revaluation of fixed assets
  155. Revenue
  156. Revenue recognition
  157. Royalties
  158. Salary
  159. Sales ledger
  160. Sales tax
  161. Salvage value
  162. Shareholder
  163. Shareholder's equity
  164. Single-entry accounting system
  165. Spreadsheet
  166. Stakeholder
  167. Standard accounting practice
  168. Statement of retained earnings
  169. Stock
  170. Stockholders' deficit
  171. Stock option
  172. Stock split
  173. Sunk cost
  174. Suspense account
  175. Tax bracket
  176. Taxes
  177. Tax expense
  178. Throughput accounting
  179. Trade credit
  180. Treasury stock
  181. Trial balance
  182. UK generally accepted accounting principles
  183. United States
  184. Value added tax
  185. Value Based Accounting Standards and Principles
  186. Write-off

This article is from:

All text is available under the terms of the GNU Free Documentation License: 

Income tax

From Wikipedia, the free encyclopedia


An income tax is a tax levied on the financial income of persons, corporations or other legal entities. Various income tax systems exist, ranging from a flat tax to a progressive tax or graduated income tax system. A tax levied on the income of companies is often called a corporate tax, corporate income tax or corporation tax. Individual income taxes generally tax the total income of the individual (with some deductions permitted), while corporate income taxes often tax net income, the difference between gross receipts, expenses and additional writeoffs.


The 'tax net' refers to what types of money payments are charged the tax. Generally, tax will be charged on personal earnings (wages), capital gains, and business income. The rates for different types of income may vary and some may not be taxed at all. Capital gains may be taxed when realized (e.g. when shares are sold) or when incurred (e.g. when shares appreciate in value). Business income may only be taxed if it is ‘significant’ or based on the manner in which it is paid. Some types of income, such as interest on bank savings, may be considered as personal earnings (similar to wages) or as a realized property gain (similar to selling shares). In some tax systems ‘personal earnings’ may be strictly defined to require that labor, skill, or investment was required (e.g. wages); in others they may be defined broadly to include windfalls (e.g. gambling wins).

Tax rates may be progressive or flat. A progressive tax taxes differentially based on how much has been earned. For example, the first $10,000 in earnings may be taxed at 5%, the next $10,000 at 10%, and any more income at 20%. Alternatively, a flat tax taxes all earnings at the same rate. A tax system may use both progressive and flat taxes for different types of income.

Often income tax systems will have deductions available. Deductions lessen the total tax liability by reducing total taxable income.

Income tax systems may allow losses from one type of income to be counted against another. For example, a loss on the stock market may be deducted against tax paid on wages. Other tax systems may isolate the loss, such that business losses can only be deducted against business tax, by carrying forward the loss to later tax years.

Income tax is often collected on a pay-as-you-earn basis, with small corrections made soon after the end of the tax year. These corrections take one of two forms: payments to the government, for taxpayers who have not paid enough during the tax year; and tax refunds from the government for those who have overpaid.


The concept of taxing income is a modern innovation and presupposes several things: a money economy, reasonably accurate accounts, a common understanding of receipts, expenses and profits, and an orderly society with reliable records. For most of the history of civilization, these preconditions did not exist, and taxes were based on other factors. Taxes on wealth, social position, and ownership of the means of production (typically land and slaves) were all common. Practices such as tithing, or an offering of firstfruits, 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.

A true income tax was first implemented in Britain by William Pitt the Younger in his budget of December 1798 to pay for weapons and equipment in preparation for the Napoleonic wars. Pitt's new graduated income tax began at a levy of 2d in the pound (0.8333%) on incomes over £60 and increased up to a maximum of 2s (10%) on incomes of over £200. Pitt hoped that the new income tax would raise £10 million but actual receipts for 1799 totalled just over £6 million.

Income tax was levied under 5 schedules—income not falling within those schedules was not taxed. The schedules were:

  • Schedule A (tax on income from UK land)
  • Schedule B (tax on commercial occupation of land)
  • Schedule C (tax on income from public securities)
  • Schedule D (tax on trading income, income from professions and vocations, interest, overseas income and casual income)
  • Schedule E (tax on employment income)

Later a sixth Schedule, Schedule F (tax on UK dividend income) was added.

Pitt's income tax was levied from 1799 to 1802, when it was abolished by Henry Addington during the Peace of Amiens. Addington had taken over as prime minister in 1801, after Pitt's resignation over Catholic Emancipation. The income tax was reintroduced by Addington in 1803 when hostilities recommenced, but it was again abolished in 1816, one year after the Battle of Waterloo.

Finally, UK income tax was reintroduced by Sir Robert Peel in the Income Tax Act 1842. Peel, as a Conservative, had opposed income tax in the 1841 general election, but a growing budget deficit required a new source of funds. The new income tax, based on Addington's model, was imposed on incomes above £150.

UK income tax has changed over the years. Originally it taxed a person's income regardless of who was beneficially entitled to that income, but now a person only owes tax on income to which he or she is beneficially entitled. Most companies were taken out of the income tax net in 1965 when corporation tax was introduced. Also the Schedules under which tax is levied have changed. Schedule B was abolished in 1988, Schedule C in 1996 and Schedule E in 2003, though the Schedular system and Schedules A, D and F still remain. The highest rate peaked in the Second World War at 99.25% and remained at about 95% till the late 1970s.

The Finance Act 2004 introduced an income tax regime known as pre-owned asset tax which aims to reduce the use of common methods of inheritance tax avoidance.[1]

Income tax systems


Main article: Income tax in Australia

Since 1942, income tax in Australia has been collected solely by the Federal Government, to the exclusion of the Australian States (see Constitutional basis of taxation in Australia). Australia uses a system of progressive taxation on personal income that is collected as a pay-as-you-go tax (known as PAYG), a flat rate tax on business income (company tax), and a property tax limited to realised capital gains. Australia’s income tax system contains a complex array of deductions and offsets, and is administered by the Australian Taxation Office.


Main article: Income taxes in Canada

Income Tax was first imposed in Canada in 1917 on both individuals and corporations under the Income War Tax Act. Income tax in Canada is collected primarily by the Federal Government. Tax collection agreements enable both the federal and provincial governments to levy income taxes through a single administration and collection agency. The federal government collects personal income taxes on behalf of all provinces except Quebec and collects corporate income taxes on behalf of all provinces except Alberta and Quebec. Canada's federal income tax system is administered by the Canada Revenue Agency.

Canada has a graduated tax system, whereby the percentage over the "more than" amount goes up....graduated from 15.25 - 29% (2006)

Hong Kong

There are 3 types of income earned in HK is to be taxed, but they are not called income taxes. Per HK Inland Revenue Ordinance Chapter 112 (In short "IRO"), these 3 types of income are classified into:

  1. Profit tax IRO section 14
  2. Salaries tax IRO section 8
  3. Property tax IRO section 5

The Hong Kong OrdinancesInland Revenue Ordinance Cap.112


Main article: Income tax in India

In India, Individual income tax is a progressive tax with three slabs. No income tax is applicable on income up to Rs. 100,000 per year. (Rs. 135,000 for women and Rs. 185,000 for senior citizens) The highest slab is 30%, with a 10% surcharge (tax on tax) for incomes above Rs. 10 lakh (Rs. 1 million) . All income taxes are subject to 2% education cess, applicable on the tax paid. Deductions and rebates are provided for housing purchases, rent, long term savings and insurance.

Business income is taxed at a flat rate of 33% for Indian companies. Foreign companies pay 40%.

Dividends are income tax free to shareholders - instead, companies are charged a 12% dividend distribution tax. Long term capital gains stands at 20% (for gold, real estate and such) with indexation benefits provided for inflation adjustments. For sales of shares in recognised stock exchanges, long term capital gains are not taxed at all, with only 10% income tax on short term gains (less than 1 year of holding). All other short term gains are clubbed with income in the year the gains occur.


Main article: Taxation in Indonesia

The income tax is known as Pajak Penghasilan or PPh for short. It is considered a progressive tax.


Main article: Income tax in the Netherlands

The Netherlands taxes income on personal income (wages, profits, social security); some business income; and savings and investments.

The tax on personal income is a progressive tax and casts a wide tax net over wages, profits, social security, and pensions. The highest marginal rate is 52%. Tax is withheld from wages. As an example of the breadth of the tax net, value gains in owner-occupied homes are treated as personal income, even though those gains are not realised (i.e. do not equate to cash in hand). Interest can be deducted as a cost incurred in earning the income.

The tax on business income is a flat tax of 25% only applied to ‘substantial business interests’ which are generally a shareholding of 5%. A flat tax is paid on savings and investments, even if the gain is not realised.


Main article: Income tax in Peru


Main article: Individual income tax in Singapore

Individual income tax is a progressive tax with a highest marginal rate of 20% with effect from Year of Assessment 2007. The tax net includes employment income, dividends, interests, and rental incomes. A range of deductions are available.


Sweden has a taxation system that combines a direct tax (paid by the employee) with an indirect tax (paid by the employer). In practice, the employer provides the state with both means of taxation but the employee only sees the direct tax on his declaration form. Below is a compilation of the taxes that compose the final income tax (2003):

  • Tax on "gross" income "from the employer": 32.82% (indirect, fixed)
  • Pension "fee" on "gross" income: 6.95% (indirect, fixed)
  • "Municipal tax" on, "gross" income less pension tax and a "base deduction": ~32% (direct, varies by municipality)
  • "State tax" on, "gross" income less pension tax and a "base deduction": 0%, 20% or 25% (direct, progressive)

United Kingdom

Main article: Taxation in the United Kingdom

Income tax is an annual tax and is reimposed each year in the annual Finance Act.

The British income tax system is a progressive one with a number of bands: 10% (lower rate), 20% (basic rate for unearned income), 22% (basic rate on earnings from employment, a trade or profession), and (in respect of the higher rate band and trust income) 32.5% on UK dividends and 40% on other sources of income. There are also a number of untaxed allowances to which tax bands do not apply.

In addition the UK has a National insurance contribution based on income. Although effectively another form of income tax, credits for payments of this applied to the individual's record which, in turn, will impact on entitlement to welfare and (the level of)state pension payments. Rates are levied on the self employed, the employed and their respective employers.

United States

Main article: Income tax in the United States

The United States imposes an income tax on individuals and corporations. This tax is levied from the happening of an event, such as the payment of a wage or the purchase of property - the appreciation on the value of property, for example, is not taxed until that property is sold. The U.S. income tax was first imposed during the Civil War. Income taxes were enacted at various times until 1894, but were not imposed from 1895 until the 16th Amendment was ratified in 1913. However, ratification is disputed by some tax protestors along with other arguments about the validity of the U.S. income tax (see Tax protester arguments).

U.S. state

Main articles: State income tax and State tax levels

Income tax may also be levied by individual U.S. states and are on top of the federal income tax. In addition, some states allow individual cities to impose an additional income tax. However, some state and local taxes are deductible for federal tax purposes. Through this deduction, the federal government effectively subsidizes a portion of an individual's state income tax. Not all states levy an income tax (see State income tax).

Countries with no personal income tax

See also


  1. ^ REV BN 40: Tax Treatment Of Pre-Owned Assets


Wikiquote has a collection of quotations related to:
Retrieved from ""





L'utente può utilizzare il nostro sito solo se comprende e accetta quanto segue:

  • Le risorse linguistiche gratuite presentate in questo sito si possono utilizzare esclusivamente per uso personale e non commerciale con tassativa esclusione di ogni condivisione comunque effettuata. Tutti i diritti sono riservati. La riproduzione anche parziale è vietata senza autorizzazione scritta.
  • Il nome del sito EnglishGratis è esclusivamente un marchio e un nome di dominio internet che fa riferimento alla disponibilità sul sito di un numero molto elevato di risorse gratuite e non implica dunque alcuna promessa di gratuità relativamente a prodotti e servizi nostri o di terze parti pubblicizzati a mezzo banner e link, o contrassegnati chiaramente come prodotti a pagamento (anche ma non solo con la menzione "Annuncio pubblicitario"), o comunque menzionati nelle pagine del sito ma non disponibili sulle pagine pubbliche, non protette da password, del sito stesso.
  • La pubblicità di terze parti è in questo momento affidata al servizio Google AdSense che sceglie secondo automatismi di carattere algoritmico gli annunci di terze parti che compariranno sul nostro sito e sui quali non abbiamo alcun modo di influire. Non siamo quindi responsabili del contenuto di questi annunci e delle eventuali affermazioni o promesse che in essi vengono fatte!
  • L'utente, inoltre, accetta di tenerci indenni da qualsiasi tipo di responsabilità per l'uso - ed eventuali conseguenze di esso - degli esercizi e delle informazioni linguistiche e grammaticali contenute sul siti. Le risposte grammaticali sono infatti improntate ad un criterio di praticità e pragmaticità più che ad una completezza ed esaustività che finirebbe per frastornare, per l'eccesso di informazione fornita, il nostro utente. La segnalazione di eventuali errori è gradita e darà luogo ad una immediata rettifica.


    ENGLISHGRATIS.COM è un sito personale di
    Roberto Casiraghi e Crystal Jones
    email: robertocasiraghi at iol punto it

    Roberto Casiraghi           
    INFORMATIVA SULLA PRIVACY              Crystal Jones

    Siti amici:  Lonweb Daisy Stories English4Life Scuolitalia
    Sito segnalato da INGLESE.IT