| 单词 | income tax |
| 释义 | income tax A tax on income. Income tax is normally zero on some bands of small incomes, both on equity grounds and because of the expense of collecting tiny amounts of tax. It is then normally proportional up to some upper limit; income beyond this is taxed at higher rates. Thus income tax is usually progressive. An individuals's taxable income is calculated after deducting various allowances, in respect of assorted items which may include mortgage interest payable, charitable donations, responsibility for dependents, age allowances, medical insurance, and superannuation contributions. Income for tax purposes may include or exclude imputed items such as the value of the services of owner-occupied houses. capital gains tax may be included as income, excluded, or taxed separately from income. Income tax may be collected from individuals in arrears, or by deduction at source through pay as you earn (PAYE) in the UK, or a withholding tax on incomes from employment and payment of dividends net of tax by companies, in the US. See also: corporate income tax, and negative income tax |
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