Income Tax - Types - Personal

Personal

A personal or individual income tax is levied as a percentage of a person's wages and salaries, with some deductions permitted, along with the net income or loss from businesses and investments. It is typically collected on a pay-as-you-earn basis, with corrections at the end of the year for over payments and under payments. Income tax systems typically offer exemptions, deductions, or credits which lessen the total tax liability; these are frequently a method of rewarding income-use-patterns encouraged by the government (home ownership, supporting children, charitable contributions). Tax structures may allow losses from one type of income to be counted against another. For example, a loss from businesses and investments might offset wages before calculating the taxes due.

Read more about this topic:  Income Tax, Types

Other articles related to "personal":

Kelvin Goertzen - Personal
... Goertzen has published several articles related to law and politics including in the Asper Review of International Business and Trade Law (Volume 3- 2003) and Underneath the Golden Boy (Volume 3-2004) ... In November 2006, he published a book on the life of Jim Penner, his predecessor in the Legislature, entitled A Life Well Lived The Story of Jim Penner and Penner Foods (National Library of Canada ISBN 0-9781405-0-8) ...
Personal Life - History
... Jobs were assigned out of necessity rather than personal choice ... In such places, the concepts of a "personal life", "self-actualization", "personal fulfillment", or "privacy" are largely unaffordable luxuries ...
Young Women (organization) - In The Church Today - Personal Progress
... young women are encouraged to participate in the organization's Personal Progress program ... Personal Progress is a goal-setting and achievement program, the stated purpose of which is to help each young woman Know she is a daughter of God rely upon the Holy ...
Personal Life - Sociology
... The notion of a personal life, as now understood, is in part a creation of modern Western society ... In modern times, many people have come to think of their personal lives as separate from their work ... The concept of personal life also tends to be associated with the way individuals dress, the food they eat, their schooling and further education as ...
Keith Jackson - Biography - Personal
... On the subject of writing a book, Jackson has admitted that he's considered it, but joked that he would only sit down and work on one if he were to ever lose his golf swing. ...

Famous quotes containing the word personal:

    Take two kids in competition for their parents’ love and attention. Add to that the envy that one child feels for the accomplishments of the other; the resentment that each child feels for the privileges of the other; the personal frustrations that they don’t dare let out on anyone else but a brother or sister, and it’s not hard to understand why in families across the land, the sibling relationship contains enough emotional dynamite to set off rounds of daily explosions.
    Adele Faber (20th century)

    Personality and mind, like moustaches, belong to a certain age. They are a deformity in a child.... Leave his sensibilities, his emotions, his spirit, and his mind severely alone. There is the devil in mothers, that they must provoke personal ... response from their infants.
    —D.H. (David Herbert)

    Let no guilty man escape, if it can be avoided.... No personal considerations should stand in the way of performing a duty.
    Ulysses S. Grant (1822–1885)