Income tax IS based on your income that is why it is called INCOME tax.
what is income that is not subject to taxes, also called "tax exempt income?"
the operating income represents the income before income tax , it is not called profits
Before tax income is gross income less allowable deductions and rebates = assessable income. After tax income is assessable income less the applicable income tax
Net Household Income After-Tax Income is actually a common term as well.
Income tax IS based on your income that is why it is called INCOME tax.
what is income that is not subject to taxes, also called "tax exempt income?"
Never subject to income tax
They are not subject to the Social Security tax. But they are subject to all other taxes including Medicare tax, federal income tax, and state income tax.
Yes. It's called Income Tax. States can require an income tax, and there is tax payable to the Federal Government.
it was called deferential tax.
This is called a graduated or progressive income tax.
the excess profits tax was repealed, and the tax rate structure was adjusted to be less progressive. Many preferences were incorporated into tax law in the form of deductions,
To answer your question, the taxes you pay on the money you earn (salary, income) is called income tax.
Income tax
the operating income represents the income before income tax , it is not called profits
The excess of income over expenditures is known as Savings. S= Y(d)-C Where; S= Savings Y(d)= Disposable Income C= Consumption Expenditures