direct tax
Levy on earnings
A direct tax is one levied on an individual or organization that cannot be passed along to someone else—income tax and property tax are the classic examples.
The taxpayer both owes the tax and bears its burden.
This contrasts with indirect taxes like sales tax, where a business collects the tax but consumers ultimately pay it.
In U.S. constitutional law, direct taxes have special significance because the Constitution requires they be apportioned among states according to population.
Formal evaluation of worth
- levyCompulsory government charge
- collectionGathered set of items
- revenueBusiness income total
- revenue serviceAgency collecting government taxes
compliance · enforcement · filing · audit · penalty · arrears · garnishment · remittance
Keeping from another
- filing statusIRS household classification
- adjusted gross incomeEarnings after initial subtractions
- deductionsConclusions from reasoning
- exemptionsReleases from obligation
credits · gross income · net income · self-assessment · earned income
Formal evaluation of worth
- appraisalEstimation of worth
- valuationAssessment of monetary worth
- assessorOne who estimates value
- stamp dutyLevy on document transactions
Earnings of a company
- fiscal yearAccounting calendar period
- accounting periodSet timeframe for financial statements
- auditFormal accounts examination
- retained earningsProfits kept by company
Federal wage withholding law
- employer contributionFirm's share of benefits
- employee contributionWorker's share of payment
- pay-as-you-earnTax deducted before receipt
- national insuranceGovernment-administered citizen coverage
assessment
Formal evaluation of worth
- levyCompulsory government charge
- collectionGathered set of items
- revenueBusiness income total
revenue service · compliance · enforcement · filing · audit · penalty · arrears · garnishment · remittance
withholding
Keeping from another
- filing statusIRS household classification
- adjusted gross incomeEarnings after initial subtractions
- deductionsConclusions from reasoning
exemptions · credits · gross income · net income · self-assessment · earned income
assessment
Formal evaluation of worth
corporate income
Earnings of a company
- fiscal yearAccounting calendar period
- accounting periodSet timeframe for financial statements
- auditFormal accounts examination
FICA
Federal wage withholding law
- employer contributionFirm's share of benefits
- employee contributionWorker's share of payment
- pay-as-you-earnTax deducted before receipt
- taxationVAT, withholding, deductions, deduction, taxpayers
- local taxesmillage, special assessment, levies, levy, rates
- head taxescapitation
direct taxindirect tax
Levy passed to consumers
sales tax · consumption tax · excise tax · value-added tax · VAT
tax, direct, direction, directly, director, taxing, directory, directive, indirectly