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income tax :: legal definition


Income tax - n. a tax on an individual's net income, after deductions for various expenses and payments such as charitable gifts, calculated on a formula which takes into consideration whether it is paid jointly by a married couple, the number of dependents of the taxpayers, special breaks for ages over 65, disabilities and other factors. Federal income taxes have been collected since 1913 when they were authorized by the 16th Amendment to the Constitution. Most states also assess income taxes, but at a substantially lower rate than that of the federal government.

See also: income tax and Related Law Terms ↓


Related Law Terms

adjusted basis :: n. in accounting, the original cost of an asset ad ... s taxes. See also: basis income tax
bad debt :: n. an uncollectible debt. The problem is to determ ... ust no income on which to be taxed.
child support :: n. court-ordered funds to be paid by one parent to ... ild custody divorce spousal support
deduction :: n. an expenditure which an income tax payer may su ... dded together, reduce the tax owed.
estate tax :: n. generally a federal tax on the transfer of a de ... commonly called an inheritance tax.
exemption :: n. 1) in income taxation, a credit given for each ... l children or is a college student.
gift in contemplation of death :: n. (called a gift causa mortis by lawyers showing ... ift tax unified estate and gift tax
gross income :: n. in calculating income tax, the income of an ind ... in net income. See also: income tax
income :: n. money, goods or other economic benefit received ... ernment and most state governments.
marital deduction :: n. an estate tax deduction allowed a surviving spo ... community property estate tax trust
recapture :: n. in income tax, the requirement that upon sale o ... capital gains. See also: income tax
tax :: n. a governmental assessment (charge) upon propert ... unified estate and gift tax use tax
Tax Court :: n. a federal agency with courts in major cities wh ... Appeals. See also: court income tax

Popular Law Searches

legal definition ministerial act :: n. an act, particularly of a governmental employee ... exercising any individual judgment.
chancery legal definition :: n. a court that can order acts performed. Today ch ... ts in most states. See also: equity
testamentary disposition legal definition :: n. how the terms of a will divide the testator's ( ... named beneficiaries. See also: will
contract of sufferance :: n. a "hold-over" tenancy after a lease has expired ... y tenancy at will unlawful detainer
forthwith legal definition :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
forthwith definition legal :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
what is to wit in a legal contract :: prep. that is to say. Example: "the passengers in ... tty Bumgartner and Sherry Younger."
mirror wills legal definition :: n. the wills of a husband and wife which are ident ... d each names the other as executor.
clean hands doctrine latin :: n. a rule of law that a person coming to court wit ... ices. See also: affirmative defense
sine qua non only relates to contract law :: (see-nay kwah nahn) prep. Latin for "without which ... qua non of the injury to Playmate.

Other Law Terms - I

i.e. :: prep. abbreviation for id est, which is Latin for ... "e.g.," which means "for example."
illegal :: 1) adj. in violation of statute, regulation or ord ... . See also: alien illegal immigrant
illegal immigrant :: n. an alien (non-citizen) who has entered the Unit ... ion date of a visa. See also: alien
illusory promise :: n. an agreement to do something that is so indefin ... he may have thought was a contract.
immaterial :: adj. a commonly heard objection to introducing evi ... ons. See also: irrelevant objection
immediately :: adv. 1) at once. 2) in orders of the court or in c ... oon as can be done" without excuse.
immunity :: n. exemption from penalties, payments or legal req ... ws. See also: governmental immunity
impanel :: v. to select and install a jury. See also: impanel ... l a jury. See also: impaneling jury
impaneling :: n. the act of selecting a jury from the list of po ... e juror jury panel venire voir dire
impeach :: v. 1) to discredit the testimony of a witness by p ... ve been found guilty by the Senate.
impeachment :: n. 1) discrediting a witness by showing that he/sh ... the trial itself. See also: impeach
impleader :: n. a procedural device before trial in which a par ... than having two suits in a series.
implied :: adj., adv. referring to circumstances, conduct or ... nt implied consent implied warranty
implied consent :: n. consent when surrounding circumstances exist wh ... aybe" or "later." See also: implied
implied contract :: n. an agreement which is found to exist based on t ... : contract express contract implied
implied covenant of good faith and fair dealing :: n. a general assumption of the law of contracts, t ... -long employment. See also: implied
implied warranty :: n. an assumption at law that products are "merchan ... er. See also: caveat emptor implied
impossibility :: n. when an act cannot be performed due to nature, ... cel) a contract. See also: contract
impotence :: n. the male's inability to copulate. Impotence can ... eans inability to produce children.
impound :: v. 1) to collect funds, in addition to installment ... cases. See also: forfeit forfeiture