Taxation

flat rate a C corporation pays from its tax base

current resource owned and created when the tax is paid in advance

debt created as a result of the difference between financial statement income and taxable income

process of allocating the cost of a fixed asset to an expense account over the life of the asset

profit associated with operations

total amount received from gross profit divided by sales

sales minus the cost of goods sold

rate an individual will pay in each of the applicable tax brackets

receipts left after all expenses have been deducted

amount left over from total receipts or revenue once total cost (however defined) is subtracted

net sales or total receipts

process of using differences in tax codes to make a profit

total income and assets on which the tax rate will be applied to determine the tax liability

dollar-per-dollar allowance against the tax liability

reduction to taxable income, which in turn reduces the tax base

list of marginal tax rates published by the IRS or the tax authority of the applicable country

revenue minus deductible expenses; amount on which the tax liability will be calculated