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  2. Partnership taxation - Wikipedia

    en.wikipedia.org/wiki/Partnership_taxation

    Partnerships are "flow-through" entities for United States federal income taxation purposes. Flow-through taxation means that the entity does not pay taxes on its income. Instead, the owners of the entity pay tax on their "distributive share" of the entity's taxable income, even if no funds are distributed by the partnership to the owners.

  3. Partnership taxation in the United States - Wikipedia

    en.wikipedia.org/wiki/Partnership_taxation_in...

    The rules governing partnership taxation, for purposes of the U.S. Federal income tax, are codified according to Subchapter K of Chapter 1 of the U.S. Internal Revenue Code (Title 26 of the United States Code). Partnerships are "flow-through" entities. Flow-through taxation means that the entity does not pay taxes on its income.

  4. Circular flow of income - Wikipedia

    en.wikipedia.org/wiki/Circular_flow_of_income

    The government sector consists of the economic activities of local, state and federal governments. Flows from households and firms to government are in the form of taxes. The income the government receives flows to firms and households in the form of subsidies, transfers, and purchases of goods and services.

  5. Flow-through entity - Wikipedia

    en.wikipedia.org/wiki/Flow-through_entity

    In terms of Income tax in the United States C corporations are taxed separately from their owners. [8] In December 2004 the Financial Asset Securitization Investment (FASIT) which was a flow-through entity formed in the United States, was repealed. FASIT was an investment instrument in "non-mortgage receivable pools such as credit card ...

  6. Tax policy - Wikipedia

    en.wikipedia.org/wiki/Tax_policy

    The ability to pay principle, says that the amount of a tax a person pays has to be dependent on the burden the tax will create with regard to the wealth of an individual. Vertical equity operates on the principal of people with higher incomes paying more taxes, through progressive tax rates.

  7. What Is Double Taxation and How To Avoid It - AOL

    www.aol.com/finance/state-refund-could-taxable-2...

    For example, if you deducted $1,500 in state taxes last year, but your state refund this year was $2,000, you only need to report a tax refund of $500 on your federal income tax return.

  8. Income tax in the United States - Wikipedia

    en.wikipedia.org/wiki/Income_tax_in_the_United...

    The amount of income tax withheld is treated as a payment of tax by the person receiving the payment on which tax was withheld. Employers and employees must also pay Social Security tax, the employee portion of which is also to be withheld from wages. Withholding of income and Social Security taxes are often referred to as payroll tax.

  9. Another way to calculate your effective tax rate is to divide the amount of tax you pay by your adjusted gross income (the amount you earned after all your deductions and tax credits are factored in).