Taxation of individuals

Taxable income: Income that is subject to tax, including wages, salaries, interest, dividends, and more.

Filing status: The way that an individual files their taxes, such as single, married filing jointly, head of household, or married filing separately.

Standard deduction: A set amount that taxpayers can subtract from their income, reducing their taxable income.

Itemized deductions: Specific expenses that taxpayers can deduct from their income, such as charitable donations, medical expenses, and mortgage interest.

Exemptions: A reduction in taxable income based on personal and dependent exemptions.

Tax credits: Amounts that taxpayers can subtract directly from their tax liability, such as the Child Tax Credit or the Earned Income Tax Credit.

Tax brackets: Different tax rates that apply to different levels of taxable income.

Withholding: The amount of tax that is taken out of a taxpayer's paycheck throughout the year, based on their income and number of dependents.

Estimated taxes: Taxes that are paid directly by self-employed individuals or those with other forms of income that are not subject to withholding.

Social Security and Medicare taxes: The taxes that fund these social insurance programs, which are typically withheld from an employee's paycheck.

Alternative minimum tax: A separate calculation that ensures higher earners pay a minimum amount of tax, even if they would otherwise be able to reduce their tax liability through deductions and credits.

Taxation of investments: Different rules that apply to the taxation of investment income, such as capital gains and dividends.

Taxation of retirement accounts: The tax implications of different types of retirement savings accounts, such as Traditional IRAs or Roth IRAs.

Taxation of self-employment income: The unique tax rules that apply to individuals who are self-employed or independent contractors.

Taxation of foreign income: Rules and regulations surrounding the taxation of income earned in other countries.

Income Tax: Tax on income earned by an individual, which is computed based on tax rates applicable to various income slabs.

Capital Gains Tax: Tax on the profit earned from the sale of an asset, such as property, shares or mutual funds.

Gift Tax: Tax levied on the transfer of property or money between two parties, where no consideration is exchanged.

Estate Tax: Tax on the value of an individual's assets after their death.

Inheritance Tax: Tax on the assets that an individual inherits from a deceased person.

Wealth Tax: Tax on the net wealth or total assets of an individual.

Property Tax: Tax levied on the value of a property, usually paid by the owner of the property.

Sales Tax: Tax on the sale of goods and services.

Goods and Services Tax (GST): A tax on the value added to goods and services at each stage of production and distribution.

Value Added Tax (VAT): Tax on the value added to goods and services at each stage of the manufacturing and distribution process.

Excise Tax: Tax on specific goods, such as alcohol and tobacco.

Sin Tax: A tax on items considered harmful, such as cigarettes and alcohol.

Tariff: Tax on imported goods, which are levied by the government to protect domestic industries.

Road Tax: Tax on the use of motor vehicles on public roads.

Fuel Tax: Tax levied on the sale of fuel, such as petrol and diesel.

Professional Tax: Tax paid by individuals who are engaged in a profession or trade.

Education Cess: Tax imposed on individuals to fund education initiatives.

Swachh Bharat Cess: A tax on services, which is levied to fund the government's cleanliness drive.

Krishi Kalyan Cess: Tax on services to fund agricultural initiatives.

Municipal Tax: Tax levied by municipal corporations or councils on real estate properties.