Income Taxes

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Earned income tax credit - The United States federal earned income tax credit (EITC) is a refundable tax credit that reduces or eliminates the taxes that low-income working people pay (such as payroll taxes) and also frequently operates as a wage subsidy for low-income workers. Enacted in 1975, the then very small EITC was expanded in 1986, 1990, 1993, and 2001.

Individual income tax in Singapore - Individual income tax in Singapore forms part of two main sources of Income tax, the other being corporate taxes on companies. Payable on an annual bases, it is currently based on the progressive tax system (for local residents), with taxes ranging from 0% to 22% up to Year of Assessment 2005.

Income tax in Australia - Income tax in Australia taxes three sources of income: personal earnings, business income, and property gains. Personal earnings are taxed progressively, business income at a flat rate of 30% (but with generous exemptions), and property gains are taxed only if realized.

Disposable income - Disposable income is the amount of an individual's total income left after taxes, plus any transfer payments (grants) received from the government or elsewhere. This income is available to be "disposed of" as either spending or saving.


Suggested Web Sites

SaveWealth.com: Tax Forms Center - Includes IRS tax forms, state income tax forms, and tips to reduce your income tax bill.

Low Incomes Tax Reform Group - A group that lobbies the government and the Inland Revenue to simplify tax rules and services for those on low incomes. The website contains their reports and recommendations. There are also a number of practical hints on the site for low income tax payers.

TaxSation Inc. - Corporate income tax software for preparing federal and state income tax returns, tax provisions (FAS 109), consolidations and IRS e-file.

Source: BazSites.com

Web Links

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