A concept of tax fairness that states that people should pay taxes in proportion to the benefits they receive from government goods and services.
- Browse Related Terms: ability to pay, benefits received, Earned Income Credit (EIC), financial records, Gross Income, horizontal equity, underground economy, vertical equity
Compensation received by an employee for services performed. A bonus is given in addition to an employee's usual compensation.
- Browse Related Terms: bonus, compulsory payroll tax, earned income, employee, flat tax, Form W-4, Employee's Withholding Allowance Certificate, formal tax legislation process, income taxes, independent contractor, salary, self-employment loss, self-employment profit, tip income, wages
A continuous and regular activity that has income or profit as its primary purpose.
- Browse Related Terms: business, exempt (from withholding), Federal Insurance Contributions Act (FICA) Tax, Investment Income, lobbyist, Medicare tax, payroll taxes, self-employment tax, Social Security Tax, support, tax exemption, taxable interest income