Related Words

Asymmetric Taxes: When participants in a transaction have different net tax rates.

Inheritance Taxes: An estate tax imposed by the state on heirs for their right to inherit property. The tax is not levied on the property itself, but rather on the heirs for their right to acquire the property . . . View Full Definition

Local Taxes: Property, sewer, school, or other community paid to a locality. Local taxes are usually deductible for federal income tax purposes.

Income Taxes Payable: The amount expected to be paid to the federal and state governments based on the income before taxes reported on t he income statement.

Net Income Before Taxes: Total revenues minus total expenses except the income tax expense, for a specified time. Also known as pretax income.

Government Recording Fees And Taxes: Fees and taxes required to be paid to the local government where your mortgage documents are filed.

Estate Taxes: Federal estate taxes and state inheritance taxes (as well as the debts of decedents) are general, statutory, involuntary liens that encumber a deceased persons real and personal property. Th . . . View Full Definition

Premium Taxes: State income taxes levied on an insurer's premium income.

Social Security (FICA) Taxes: Federal Insurance Contributions Act taxes imposed on employee and employer: used mainly to provide retirement benefits.

Taxes: Fees that are applied to your bill depending on time of year, location of purchase, and sometimes by your destination. Taxes are a mandatory fee assigned my local and federal government. Tra . . . View Full Definition