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A tax levy under United States federal law is an administrative action by the Internal Revenue Service (IRS) under statutory authority, ...
A levy (plural levies) is a military force raised ("levied") in a particular manner. In the Roman legion this typically means "farmer soldier" militia units raised by conscription that provided most of light and heavy infantry composition—most of which were of poor training and little fighting ability—but not always.
The IRS will only levy to the extent necessary to collect the tax due, although the IRS might levy and sell an asset worth more than the tax due in order to secure the amount of tax due ...
An economic definition, by Atkinson, states that "...direct taxes may be adjusted to the individual characteristics of the taxpayer, whereas indirect taxes are levied on transactions irrespective of the circumstances of buyer or seller." [30] According to this definition, for example, income tax is "direct", and sales tax is "indirect".
A levy allows the creditor to take funds directly from a bank account to satisfy unpaid debts or taxes. In most cases, levies are permitted only by court order as part of a lawsuit judgment.
A levy of two percent was placed on goods arriving in the market through the docks of Piraeus. [19] The Athenian government also placed restrictions on the lending of money and transport of grain to only be allowed through the port of Piraeus.
A capital levy is a tax on capital rather than income, collected once, rather than repeatedly (regular collection would make it a wealth tax). For example, a capital levy of 30% will see an individual or business with a net worth of $100,000 pay a one-off sum of $30,000, regardless of income.
The new levy is expected to cost a median homeowner in Seattle an additional $530 a year. In the levy’s first year , $176.8 million is being appropriated toward high-priority transportation needs.