by pay@crispino.us | Dec 28, 2025 | Taxes & Regulations, Terminologies
A levy imposed on net income earned by businesses and individuals. It reduces profitability but funds government operations. Requires accurate calculation and timely reporting.
by pay@crispino.us | Dec 10, 2025 | Taxes & Regulations, Terminologies
Taxes due in future periods because of temporary differences between accounting income and taxable income. Common with depreciation differences. Shown as assets or liabilities on the balance sheet.
by pay@crispino.us | Nov 18, 2025 | Taxes & Regulations, Terminologies
A direct reduction of tax owed, unlike a deduction which reduces taxable income. Examples include education credits and renewable energy credits. More valuable than deductions dollar-for-dollar.
by pay@crispino.us | Nov 18, 2025 | Taxes & Regulations, Terminologies
A tax withheld at source from salaries, dividends, or contractor payments. Businesses act as collection agents for tax authorities. Failure to remit can cause legal penalties.
by pay@crispino.us | Oct 2, 2025 | Taxes & Regulations, Terminologies
An indirect tax charged on goods and services at the point of sale. The business collects it on behalf of the government. Must be reported and remitted regularly.
