T
T AccountThe simplest form of an ACCOUNT, shaped like the letter T, in which increases and decreases in the account can be recorded.
TakeoverThe act or an instance of taking control of something, especially by force.
Tangible AssetASSETS having a physical existence, such as cash, land, buildings, machinery, or claims on property, investments or goods in process.
Target CostingA pricing method that (1) identifies the price at which a product will be competitive in the marketplace, (2) identifies the minimum desired PROFIT to be made on the product, and (3) computes a target cost for the product by subtracting the desired profit from the competitive MARKET PRICE.
TaxCharge levied by a governmental unit on income, consumption, wealth, or other basis.
Tax BasisOriginal cost of an ASSET, less ACCUMULATED DEPRECIATION, that goes into the calculation of a GAIN or LOSS for TAX purposes.
Tax CourtThe U.S. Tax Court is a legislative court functioning to adjudicate controversies between taxpayers and the IRS arising out of deficiencies assessed by the IRS for INCOME, GIFT, ESTATE, windfall profit and certain EXCISE TAXES. It has no jurisdiction over other taxes such as employment taxes. Various sales taxes and certain excise taxes.
Tax Credit for the Elderly and DisabledTaxpayers age 65 or older or those under 65 who are retired with permanent and total disability are eligible to claim a credit to reduce the amount of their tax liability. It is designed primarily to benefit those individuals who receive small amounts of retirement INCOME. Each taxpayer is allocated an initial base amount based on his or her filing status determining the credit. The base amount is then reduced by the amount of nontaxable income, or is phased out for taxpayers whose ADJUSTED GROSS INCOME exceeds certain levels.
Tax LienENCUMBRANCE placed on property as security for unpaid taxes.
Tax ShelterArrangement in which allowable tax deductions or EXCLUSIONS result in the deferral of tax on INCOME that would otherwise be payable currently.
Tax YearThe period used to compute a taxpayer's TAXABLE INCOME is tax year. It is an annual period that is either a calendar year , FISCAL YEAR or fractional part of a year for which the return is made.
Taxable EarningsThe amount of an employee's earnings subject to a TAX.
Taxable IncomeTaxable income is generally equal to a taxpayer's ADJUSTED GROSS INCOME during the TAX YEAR less any allowable EXEMPTIONS and deductions.
Taxable Municipal BondTaxable DEBT obligation of a state or local government entity, an outgrowth of the Tax Reform Act of 1986.
Taxpayer Identification Number (TIN)Any individual or other taxable entity that is required to file a return, statement or any other document with the IRSmust indicate his (or its) taxpayer identification number. For an individual, the social security number is used, and if you do not have a social security number, the IRS will assign you a TIN. A federal or employer ID number is assigned to other types of entities and will use that as their TIN.
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Accounting Terminology Guide
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