Theoretical Tax definition

Theoretical Tax means, with respect to an amount, the product of (a) the amount and (b) the maximum combined United States federal, New York State and New York City tax rate applicable to an individual resident or corporation (whichever is higher) on ordinary income and net short-term capital gains or on net long term capital gains, as applicable, after having given effect to the deductibility for federal income tax purposes of state and local income taxes.
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Theoretical Tax means with respect to any amount, the product of (i) --------------- such amount and (ii) the maximum combined United States federal, New York State and New York City tax rate applicable to an individual resident or corporation (whichever is higher) on ordinary income and net short-term capital gains or on net long term capital gains, as applicable, after having given effect to the deductibility for federal income tax purposes of state and local income taxes.
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Examples of Theoretical Tax in a sentence

  • Perhaps unfortunately the term ‘theoretical’ ( rather than ‘hypothetical’) tax liability has become common usage in a number of tax agencies; see, for example HMRC (2012) who use the abbreviation ‘VTTL’ for the ‘VAT Theoretical Tax Liability’.(4)where T* = tB* is the maximum potential tax revenue with full compliance at tax rate, t.

  • Finally, the Theoretical Collection is estimated as the Theoretical Tax Base times the tax rate, discounting the effective credits against the tax.

  • In broad terms, the method consists of determining, firstly, the Theoretical Tax Assessment of corporations, subtracting an estimation of surpluses from non-assessed and non-taxed activities, the surpluses of companies subject to assessable income, and the losses from previous fiscal years- deductible for tax purposes- from the Earned Surpluses and adding the currency adjustment factor.

  • The biggest miscalculation on the part of most external and regional powers was to overestimate Russia’s interest in achieving “strategic mili- tary victory” in Syria and the “grandness” of its overall ambitions in Syria and the Middle East.

  • Theoretical Tax Evasion Models Allingham and Sandmo's (1972) and Srinvasan’s (1973) portfolio approach to tax evasion outlines the individual's decision to evade income taxes.

  • Satisfy such other criteria or complete such other task (which shall not involve payment by the participant) as the Promoter may in its discretion prescribe.

  • The Company will pay the difference between the Actual Tax Obligation and the Theoretical Tax Obligation (each as defined in the Employment Agreement) for tax year 2021, as provided in Section 5(c) of the Employment Agreement.

  • This period is called the quarantine period.Specific details Deregistration‌1.

  • Subsequently, the Theoretical Tax Base is defined excluding from the Theoretical Tax Assessment the tax losses of the year, this being the adjustment required for an adequate comparison with the Effective Tax Assessment that stems from returns filed.

Related to Theoretical Tax

  • Hypothetical Tax Liability means, with respect to any Taxable Year, the Hypothetical Federal Tax Liability for such Taxable Year, plus the Hypothetical Other Tax Liability for such Taxable Year.

  • central tax means the central goods and services tax levied under section 9 of the Central Goods and Services Tax Act;

  • Federal Tax means any Tax imposed under Subtitle A of the Code.

  • input tax , in relation to a vendor, means—

  • Actual Tax Liability means, with respect to any Taxable Year, the liability for Covered Taxes of the Corporation (a) appearing on Tax Returns of the Corporation for such Taxable Year and (b) if applicable, determined in accordance with a Determination (including interest imposed in respect thereof under applicable law).

  • municipal tax means property rates or other taxes, levies or duties that a municipality may impose;

  • Specific local tax means a tax levied under 1974 PA 198, MCL 207.551 to 207.572, the commercial redevelopment act, 1978 PA 255, MCL 207.651 to 207.668, the technology park development act, 1984 PA 385, MCL 207.701 to 207.718, and 1953 PA 189, MCL 211.181 to 211.182. The initial assessed value or current assessed value of property subject to a specific local tax shall be the quotient of the specific local tax paid divided by the ad valorem millage rate. However, after 1993, the state tax commission shall prescribe the method for calculating the initial assessed value and current assessed value of property for which a specific local tax was paid in lieu of a property tax.

  • Special Tax means the special tax to be levied in each Fiscal Year on each Assessor’s Parcel of Taxable Property to fund the Special Tax Requirement.

  • Marginal Tax Rate means the maximum marginal regular Federal individual income tax rate applicable to ordinary income or the maximum marginal regular Federal corporate income tax rate, whichever is greater.

  • MUNICIPAL TAXABLE INCOME means the following:

  • Pre-Tax Income means income, as determined by GAAP, prior to deduction of the Bonus Pool (as hereinafter defined) and income taxes, and if applicable, after the deduction of any bonus pool of a future officer bonus plan adopted by the Company relating to an applicable Award Year and adjustments approved by the Board as described herein.

  • council tax benefit means council tax benefit under Part 7 of the SSCBA; “couple” has the meaning given by paragraph 4;

  • Local taxes means all taxes levied other than taxes levied for school operating purposes.

  • Additional Tax means in addition to Restaurant Tax. (C) “Additional Tax” means in addition to Commercial Lease. Review each City/Town for tax on Food for Home Consumption. (B) If you report under Hotel (Business code 044), this city has an Additional Hotel tax rate that must be applied and reported (Business Code 144). (D) Report amount due on materials purchased exempt from tax and incorporated into a Maintenance, Repair, Replacement or Alteration (MRRA) project. (E) When reporting for Short Term Motor Vehicle you must report Business Code 214 and 114 for this City.

  • Pre-Tax Earnings means the Corporation's earnings before income taxes as reported in the Company's Consolidated Income Statement for each fiscal year of the Performance Period, excluding any non-cash charge incurred in accordance with accounting principles generally accepted in the United States of America (GAAP) for any restricted stock or restricted stock unit awards granted during the Performance Period and all options, restricted stock and other equity compensation granted to Directors during the Performance Period.

  • Annual Special Tax means the Special Tax actually levied in any Fiscal Year on any Assessor’s Parcel.

  • Assigned Annual Special Tax means the Special Tax of that name described in Section D.

  • Maximum Special Tax means the maximum Special Tax, determined in accordance with Section C below, that can be levied in any Fiscal Year on any Assessor’s Parcel.

  • Net Tax Benefit has the meaning set forth in Section 3.1(b) of this Agreement.

  • Backup Annual Special Tax means the Special Tax of that name described in Section E.

  • State premium tax liability means any liability

  • Input Tax Credit means the credit of input tax;

  • State Income Tax means any Tax imposed by any State of the United States or by any political subdivision of any such State which is imposed on or measured by net income, including state and local franchise or similar Taxes measured by net income.

  • child tax credit means a child tax credit under section 8 of the Tax Credits Act 2002;

  • Special Taxes means any and all present or future taxes, levies, imposts, deductions, charges or withholdings, or any liabilities with respect thereto, including those arising after the date hereof as result of the adoption of or any change in law, treaty, rule, regulation, guideline or determination of a Governmental Authority or any change in the interpretation or application thereof by a Governmental Authority but excluding, in the case of Lender, such taxes (including income taxes, franchise taxes and branch profit taxes) as are imposed on or measured by Lender’s net income by the United States of America or any Governmental Authority of the jurisdiction under the laws under which Lender is organized or maintains a lending office.

  • Recovered tax increment value means, except as otherwise