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A gross receipts tax or gross excise tax is a tax on the total gross revenues of a company, regardless of their source. A gross receipts tax is often compared to a sales tax ; the difference is that a gross receipts tax is levied upon the seller of goods or services, while a sales tax is nominally levied upon the buyer (although both are ...
Gross receipts tax, a tax on revenues received by a corporation, even if they don't profit. Hall–Rabushka flat tax, a flat tax on income that excludes investments. Inheritance tax, a tax paid on money gained through inheritance; Negative income tax, an income tax where the poor receive payment from the government, instead of owing taxes.
By contrast, nonresidents are generally subject to income tax on the gross amount of income of most types plus the net business income earned within the jurisdiction. Expenses incurred in a trading, business, rental, or other income producing activity are generally deductible, though there may be limitations on some types of expenses or activities.
This tax season, the form only applies to individuals with gross receipts of at least $5,000, but it is throwing extra confusion into an already complicated tax ecosystem.
Extraterritorial income exclusion, under the U.S. Internal Revenue Code, was the amount excluded from a taxpayer's gross income for certain transactions that generate foreign trading gross receipts. In general, foreign trading gross receipts include gross receipts from the sale, exchange, lease, rental, or other disposition of qualifying ...
However, Nevada, Ohio, and Washington impose a gross receipts tax while Texas has a franchise tax based on "taxable margin", generally defined as sales less either cost of goods sold less compensation, with complete exemption (no tax owed) for less than $1MM in annual earnings and gradually increasing to a maximum tax of 1% based on net revenue ...
California utilizes a different definition of gross receipts and only includes sales of real, tangible, or intangible property held for sale to customers in the ordinary course of the taxpayer’s trade or business delivered or shipped to a purchaser within California and does not include service-related receipts, rents or interest. [28]
All Countries; List of countries by tax rates. Tax revenue to GDP ratio; Tax rates in Europe; Individual Countries; Albania; Algeria; Argentina; Armenia; Australia
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