Tax Rate

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Tax Rate

The amount of charges imposed by the government upon personal or corporate income, capital gains, gifts, estates, and sales that are within its statutory authority to regulate.

Tax rate schedules are utilized by taxpayers whose taxable incomes exceed certain designated amounts. Separate schedules are provided for married individuals who file jointly, unmarried people who maintain a household, single people, estates, trusts, and married couples who file separate returns.

Cross-references

Income Tax; Taxation.

References in periodicals archive ?
As a starting point, mothers will still be entitled to take 52 weeks of maternity leave, with the first two weeks being compulsory leave and the first 39 weeks ordinarily being paid at statutory rates.
There are many legitimate ways for corporate taxpayers to pay less than the statutory rate, and GE's in-house Internal Revenue Service accountants made sure the company was legitimately avoiding all income taxes.
He narrowed his focus to corporate tax reform, but otherwise his plan looked the same: reducing statutory rates and broadening the base by eliminating tax breaks and favors.
First, the landowner must rebut the presumption of reasonableness by showing that the statutory rate is significantly or substantially below the standard of constitutional reasonableness.
Therefore, if a distribution company spends less on capex than the amount assumed by the regulator, the effective rate of return on its actual RAB (which corresponds to actual investments) will be higher than the statutory rate of return (the opposite is also true).
If a firm's marginal tax rate is lower than the statutory rate, especially if the lower rate is expected to continue for several years, then a conversion from LIFO results in lower current and future tax liabilities than implied by the top statutory rate.
If you are still totally unfit for work more than 26 weeks after an injury, you may be placed on the statutory rate, which is usually lower than your Award rate.
The British Chambers of Commerce (BCC) has written to the Low Pay Commission, which advises the Government on the statutory rate, saying it believed the wage should remain at the current levels of pounds 5.
THE Government's three month campaign to boost awareness of the national minimum wage and clamp down on employers who refuse to pay the statutory rate, is on the road today.
You will see on these lap-over years in which rate structures change," he said, "that one of these rates may change to the statutory rate, the other may wait a year or even 18 months to make the change to their rating structure.
Trade and Industry Secretary Alistair Darling is set to tell MPs that firms will face a new financial penalty if they are caught paying below the statutory rate.
His testimony before Congress was critical during the successful fight in the mid-1970s to change the statutory rate for mechanical licenses from 2 cents a song per copy, which had been in effect since 1909.