annual tax
51Tax Liability — The total amount of tax that an entity is legally obligated to pay to an authority as the result of the occurrence of a taxable event. Tax liability can be calculated by applying the appropriate tax rate to the taxable event s tax base. Taxable… …
52Annual Addition — The maximum dollar amount that may be contributed to a participant s retirement account under a defined contribution plan. For instance, the maximum annual addition for a participant under a defined contribution plan for any tax year is 100% of… …
53tax year — The calendar year or the fiscal year of the taxpayer, in either event a period of 12 months. The annual accounting period of the taxpayer; such accounting period being the annual period (including a 52 53 week year) on the basis of which the tax… …
54annual exemption — An exempt transfer under inheritance tax legislation allowing £3000 to be given each year as a gift without liability to inheritance tax. This has remained unchanged since 6 April 1981. Husband and wife each have their own exemption. If the… …
55annual exclusion — A tax rule allowing the deduction of certain income from taxation. Bloomberg Financial Dictionary …
56annual exclusion — The amount each year which can be excluded in computing the gift tax on the donor without using the lifetime exemption …
57annual exclusion — The amount each year which can be excluded in computing the gift tax on the donor without using the lifetime exemption …
58Low-Income Housing Tax Credit — The Low Income Housing Tax Credit (LIHTC; often pronounced lye tech ) is a tax credit created under the Tax Reform Act of 1986 (TRA86) that gives incentives for the utilization of private equity in the development of affordable housing aimed at… …
59Inflation tax — An inflation tax is an analogous pejorative for the economic disadvantage suffered by holders of cash and cash equivalents in one denomination of currency due to the effects of inflation, which acts as a hidden tax that subtracts value from those …
60estimated tax — es·ti·mat·ed tax n: a tax paid usu. quarterly by certain entities (as corporations or trusts) or individuals on income that is not subject to withholding ◇ A declaration of estimated tax is not required for federal income taxes for tax years… …
