Business / Debt / Income Tax: In most countries income tax is progressive on successive slices of income, so that the more you earn the higher the incremental rates of tax you pay. In many countries, everyone is allowed to make a certain amount of income before any tax is payable. If your income in a tax year is below these thresholds, you are not liable for income tax. In some circumstances, where tax has been deducted at source, you will be able to reclaim tax already paid. For earnings above your personal allowance, your income tax liability will go up in bands and vary according to whether the income is from employment, share dividends or interest. The lowest rate is 10% and the highest is 40%.Inflation The overall general upward price movement of goods and services in an economy. Over time, as the cost of goods and services increase, the value of the pound is going to fall because a person won't be able to purchase as much with that pound as he/she previously could.
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Income Adjective Synonyms: return, revenue(s), receipts, proceeds, profit(s), gain(s), takings
Tax Adjective Synonyms: levy, impost, duty, tariff, assessment, tribute, toll, excise, customs, charge, contribution, scot, tithe, octroi, cess, rate(s), dues
Tax Noun Synonyms: assess, exact, demand, charge, impose or levy a tax (on), tithe
Business / Finance / Spread Income: (1) The gap between bid and ask prices of a stock or other security. (2) The simultaneous purchase and sale of separate futures or options contracts for the same commodity for delivery in different mo MORE
Business / Finance / Split-Rate Tax System: An option on an option. The buyer generally executes the split fee with first an initial fee, with a window period at the end of which (upon payment of a second fee) the original terms of the option m MORE
Business / Finance / Social Security Disability Income Insurance: Used in the context of general equities. Process by which the exercise of stop orders in a declining or advancing market causes further downward or upward pressure on prices, thus triggering more stop MORE