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From Wiktionary under the GNU Free Documentation License. To tax (from the Latin taxo; "I estimate", which in turn is from tangō; "I touch") is to impose a financial charge or other levy upon a taxpayer (an individual or legal entity) by a state or the functional equivalent of a state such that failure to pay is punishable by law. Taxes are also imposed by many subnational entities. Taxes consist of direct tax or indirect tax, and may be paid in money or as its labour equivalent (often but not always unpaid). A tax may be defined as a "pecuniary burden laid upon individuals or property owners to support the government […] a payment exacted by legislative authority." A tax "is not a voluntary payment or donation, but an enforced contribution, exacted pursuant to legislative authority" and is "any contribution imposed by government […] whether under the name of toll, tribute, tallage, gabel, impost, duty, custom, excise, subsidy, aid, supply, or other name." In modern taxation systems, taxes are levied in money, but in-kind and corvée taxation are characteristic of traditional or pre-capitalist states and their functional equivalents. The method of taxation and the government expenditure of taxes raised is often highly debated in politics and economics. Tax collection is performed by a government agency such as Canada Revenue Agency, the Internal Revenue Service (IRS) in the United States, or Her Majesty's Revenue and Customs (HMRC) in the UK. When taxes are not fully paid, civil penalties (such as fines or forfeiture) or criminal penalties (such as incarceration) may be imposed on the non-paying entity or individual. From Wikipedia under the
GNU Free Documentation License  im.sify.com 410px x 450px | 43.50kB [source page] Govt releases draft of the proposed new Direct Tax Code It will include the value of perquisites and profits in lieu of salary The only deductions permitted from salary are professional tax paid transport allowance to the extent prescribed prescribed special allowance or benefit to meet expenses wholly and  goodfinancialcents.com 333px x 500px | 80.60kB [source page] by 427 The year goes by you get busy and tax saving opportunities slip away Don t worry this post is for you Before 2009 passes you by here s a quick look at some last minute From Yahoo Image Search: "tax"  vpr.net unknown Mon, 01 Mar 2010 11:06:22 GM Storeowners in Vermont say they have high hopes for the upcoming sales . tax. holiday and they're confident it will provide a much needed boost for their businesses.  tvw.org Niki Reading Mon, 01 Mar 2010 20:00:00 GM The House proposal would generate about $758 million for the 2009-2011 biennium, primarily by ending certain . tax. exemptions and closing . tax. loopholes. Additional anticipated budget actions will generate about $100 million. ...  wptz.com wptz Sun, 28 Feb 2010 14:55:26 GM Montpelier, Vt. -- Vermont merchants say they're confident an upcoming sales . tax. holiday will provide a much needed boost for their sales. Sunday, February 28, 2010. From Google Blog Search: "tax"
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 news.google.com Pocono Record The proposed tax on banks is one Obama initiative likely to survive this week's Boston Massacre. Beating up on banks is one of the few ... Felicia Muftic A new tax you can bank on Sky Hi Daily News EDITORIAL: Obama's demonization of banks Washington Times all 5 news articles » news.google.com Redding News Review She also voted today to help earthquake victims in Haiti by offering an immediate tax benefit to Americans who make charitable contributions to aid the ... and more » news.google.com The State Journal-Register Spending revenue from a recent sales tax increase approved to repair Springfield streets would be the easiest fix of ... and more » From Google News Search: "tax" What does it mean that the gift tax is tax exclusive and the estate tax is tax inclusive? Q. I'm studying my notecards about the taxes and I have that written down. Its next to impossible for me to try and find the sentence on that subject in my book as there are a lot of pages on these 2 taxes. What does it mean that the gift tax is tax excluve, while the estate tax is tax inclusive? Please be specific so I'll understand. Asked by Tommy - Sun Oct 22 14:40:49 2006 - - 1 Answers - 0 Comments A. I think what you probably meant is this: when you figure the amount of a gift, you DON'T include that tax you are going to pay on it, so there is no tax on the tax. On the other hand, when your figure the estate tax, to DO figure it on the entire net estate--you get no deduction for the amount of estate tax you will pay. So you do pay tax on the tax. For example, if the tax rate were a flat 50%, and all your unified credit is consumed. If you gave a $2 million gift, you would pay $1 million tax. You are out of pocket $3 million. Taxes ate 1/3, and your beneficiary got 2/3. If, on the other hand, you died with $3 million, you'd pay 1.5 million in tax, and your heirs would only get the other 1.5 million. So, while the stated rate of tax is… [cont.] Answered by NotEasilyFooled - Mon Oct 23 06:43:02 2006 How do tax deductions work when you rent out your primary house? Q. I'm going to rent out my primary (and only) house for few years, as I'm moving for work to a different state. How do i deduct the mortgage interest paid and property tax? Do I deduct it from my income tax, as usual? Do I subtract it from the rent income to reduce (or almost eliminate) taxes on the rental income? or maybe both?! Thanks. Asked by MrNaytush - Thu Jun 18 08:54:00 2009 - - 4 Answers - 0 Comments A. Instead of deducting mortgage interest and property taxes on Schedule A, itemized deduction, you would now be deducting them on Schedule E, along with the reporting of income collected, and ordinary, necessary expenses for the upkeep of your new rental property. Answered by 123456789 - Thu Jun 18 09:19:54 2009 How will you be given your tax relief money?
Q. I filed my taxes on friday however turbo tax told me they were waiting to process until feb 11th due to this tax relief...does this mean my add'l 600.00 from bush will be added to my tax money I am already getting back by direct deposit??? Or are they going to be mailed??? I dont care to hear what people think about this whole tax relief thing I just want to know if anyone knows how it is going to be sent. Thanks! Asked by angybebe83 - Mon Feb 11 13:39:45 2008 - - 4 Answers - 0 Comments A. Starting in May, the Treasury will begin sending stimulus payments to more than 130 million individuals. The stimulus payments will go out through the late spring and summer. The vast majority of people receiving a payment only need to file a 2007 tax return as they normally would. The IRS will then do all the rest, including determining eligibility and payment amounts. This was copied from the www.irs.gov website "Rebate Questions." I don't think your hold up is for the rebate as they won't start it until May. I also don't think the congress has made a decission on the amount of the rebats yet. Answered by dawnc1040 - Mon Feb 11 13:58:56 2008 From Yahoo Answer Search: "tax" To tax (from the latin taxare: to estimate, which in turn is from tangere: to touch) is to impose a financial charge or other levy upon an individual or legal entity by a state or the functional equivalent of a state. Sourced
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