tax bracket
101zero bracket amount — ze·ro brack·et amount n: a deduction from gross income that was permitted for federal taxpayers and reflected in tax tables until its replacement by the standard deduction in 1986 Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. zero… …
102Flat tax — A flat tax (short for flat rate tax) is a tax system with a constant tax rate. [James, Simon (1998) A Dictionary of Taxation , Edgar Elgar Publishing Limited: Northampton, MA] Usually the term flat tax would refer to household income (and… …
103Alternative Minimum Tax — (AMT) is part of the Federal income tax system of the United States. There is an AMT for those who owe personal income tax, and another for corporations owing corporate income tax. Only the AMT for those owing personal income tax is described… …
104Inheritance Tax (United Kingdom) — In the United Kingdom, Inheritance Tax was first introduced as a tax on estates in England and Wales over a certain value from 1796, then called legacy, succession and estate duties. The value changed over time and the scope of estate duty was… …
105Ohio estate tax — Part of a series on Taxation Taxation in the United States …
106Generation-skipping transfer tax — The U.S. Generation skipping transfer tax imposes a tax on both outright gifts and transfers in trust to or for the benefit of persons two or more generations younger than the donor, such as grandchildren. The generation skipping tax will be… …
107Alternative Minimum Tax - AMT — A tax calculation that adds certain tax preference items back into adjusted gross income. Alternative minimum tax (AMT) uses a separate set of rules to calculate taxable income after allowed deductions. Preferential deductions are added back, and …
108income tax — noun a personal tax levied on annual income (Freq. 4) • Hypernyms: ↑tax, ↑taxation, ↑revenue enhancement • Hyponyms: ↑bracket creep, ↑estimated tax, ↑FICA, ↑ …
109zero bracket amount — A deduction available to individual taxpayers whether or not the individual itemizes his or her deductions. The zero bracket amount was replaced with the standard deduction, effective for tax years beginning after 1986. Each of these are factored …
110kiddie tax — A tax imposed on unearned income (in excess of a minimal amount) of a child under the age of 14. Such income is taxed at the parents highest rate. The Tax Reform Act of 1986 instituted the kiddie tax in an effort to stop the shifting of income… …
