The estate tax threshold is the same amount as the applicable exclusion amount which is the monetary limit on estates and gifts an individual can give in their lifetime without incurring estate and gift taxes. This threshold varies highly by...
taxation
estimated taxes
Estimated taxes are taxes the IRS requires individuals to pay quarterly for their income that is not subject to withholding taxes. Self-employment income, dividends, and other sources of income that are not subject to payroll taxes must be...
evasion of tax
Evasion of tax refers to illegal actions by a taxpayer or business to avoid taxes. People commit tax evasion by underreporting income or hiding income altogether from the IRS. In order to be found guilty, a person must intentionally hide...
examination report
An examination report is any explanation of factual findings that are given in the form of a report after examining something. Examination reports are often seen as the findings issued by the Internal Revenue Service (IRS) to taxpayers...
exchange
Exchange refers both to the action of transferring goods and chattels for other goods and chattels of like value and to the transfer itself.
An exchange is also an organization that brings together buyers and sellers of...
excise
Excise is defined as an indirect ad valorem tax imposed on goods produced or sold within a country.
[Last updated in January of 2022 by the Wex Definitions Team]
excise tax
Excise Tax is a tax on a specific item, belonging to a special class of items. The classes of items are frequently specialty or luxury items, such as tobacco, fuel, and alcohol. Such taxes may be imposed on the manufacturer, retailer, or...
exemption
Exemption is an immunity, exception, or freedom from the liability, duty, or other requirements, such as exemptions from taxation or execution for certain property, or exemptions from military conscription.
In particular,...
federal gift tax
The federal gift tax is a tax levied by the federal government on a donor who transfers property to a donee without the donee giving consideration in return. The gifted property must be in an amount above the limit set by the federal...
federal tax deposits (FTD)
Federal Tax Deposits (FTDs) are required payments from employers to the Internal Revenue Service (IRS) for employee tax withholdings specified in the Federal Insurance Contributions Act (FICA). The IRS requires monthly or semi-weekly payments...