personal income tax definition

personal income tax

Tax paid on one's personal income as distinct from the tax paid on the firm's earnings. In an incorporated firm, the owners (shareholders) pay taxes on both their income (salary or dividend from the firm) firm's income (profits). In partnerships and sole-ownerships, the tax is paid only once—on the firm's profits.

personal income tax is in the Accounting & Auditing and Banking, Commerce & Finance subjects.

personal income tax appears in the definitions of the following terms: income tax and S corporation

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