Income Tax terms starting with I

12 terms

1. income taxes Taxes on income, both earned (salaries, wages, tips, commissions) and unearned (interest, dividends).
2. independent contractor Performs services for others. The recipients of the services do not control the means or methods the independent contractor uses to accomplish the work.
3. indirect tax A tax that can be shifted to others, such as business property taxes.
4. infant industry A new or developing domestic industry whose costs of production are higher than those of established firms in the same industry in other countries.
5. Inflation A condition of increasing prices. Inflation is generally measured by the Consumer Price Index.
6. informal tax legislation process Individuals and interest groups expressing and promoting their opinions about tax legislation.
7. Interest The term interest is used to describe the cost of using money, a right, share, or title in property.
8. interest income The income a person receives from certain bank accounts or from lending money to someone else.
9. Intermediate Service Provider (ISP) Assists in processing tax return information between the ERO (or the taxpayer, in the case of online filing) and the Transmitter.
10. Internal Revenue Service (IRS) The federal agency that collects income taxes in the United States.
11. Investment Income The equity dividends, bond interest, and/or cash interest paid on an investment.
12. IRS e-file Refers to the preparation and transmission of tax return information to the IRS using telephone lines or a computer with a modem or Internet access.