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  2. Professional Tax - Wikipedia

    en.wikipedia.org/wiki/Professional_Tax

    Profession tax is the tax levied and collected by the state governments in India. It is a direct tax. A person earning an income from salary or anyone practicing a profession such as chartered accountant, company secretary, cost accountant, Software Engineer, lawyer, doctor etc. are required to pay this professional tax.

  3. Gross income - Wikipedia

    en.wikipedia.org/wiki/Gross_income

    Tax exempt interest. For Federal income tax, interest on state and municipal bonds is excluded from gross income. [29] Some states provide an exemption from state income tax for certain bond interest. Some Social Security benefits. The amount exempt has varied by year. The exemption is phased out for individuals with gross income above certain ...

  4. Tax exemption - Wikipedia

    en.wikipedia.org/wiki/Tax_exemption

    Tax exemption is the reduction or removal of a liability to make a compulsory payment that would otherwise be imposed by a ruling power upon persons, property, income, or transactions. Tax-exempt status may provide complete relief from taxes, reduced rates, or tax on only a portion of items.

  5. Am I Tax Exempt? How to Tell - AOL

    www.aol.com/am-tax-exempt-tell-140052540.html

    IRS guidelines determine which organizations qualify as tax-exempt under Section 501(c)(3). To be tax-exempt, an organization must: Be organized and operated exclusively for exempt purposes, as ...

  6. Taxable income - Wikipedia

    en.wikipedia.org/wiki/Taxable_income

    Taxable income refers to the base upon which an income tax system imposes tax. [1] In other words, the income over which the government imposed tax. Generally, it includes some or all items of income and is reduced by expenses and other deductions. [2] The amounts included as income, expenses, and other deductions vary by country or system.

  7. Adjusted Gross Income: What It Is and How To Calculate ... - AOL

    www.aol.com/adjusted-gross-income-calculate...

    Adjusted gross income is an important number used to determine how much you owe in taxes. It's a factor in determining your federal tax bracket and taxable income -- the portion of your income ...

  8. When should you hire a tax professional? 3 common tax ... - AOL

    www.aol.com/news/hire-tax-professional-3-common...

    This comes from employers and details what you earned as well as the income tax withheld from your paychecks. If you work a full or part-time job, you'll be receiving this form, likely in the mail ...

  9. Business and occupation tax - Wikipedia

    en.wikipedia.org/wiki/Business_and_occupation_tax

    Income from exempt activities need not be listed on the B&O tax return. Items claimed as deductions, however, must be listed as part of gross income before it can be taken as a deduction. Tax credits for the B&O tax can be due to a taxpayer who overpaid his/her taxes for the prior fiscal year. Additionally, the Legislature has specially created ...

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