Tax Code


Tax Code
A federal government document, numbering tens of thousands of pages that details the rules individuals and businesses must follow, in remitting a percentage of their incomes to the federal government. The tax code is used as a source by tax lawyers whom bear the responsibility of interpreting it for the public.

A number of secondary sources, such as the numbered Internal Revenue Service publications, Treasury regulations, revenue rulings, and mass-market income-tax books, attempt to put the tax code into plain language for taxpayers. Taxpayers can often correctly comply with tax rules by following the guidelines laid out in these secondary publications, but for more complex situations, it may be necessary to consult the tax code directly, to decipher the tax laws.


Investment dictionary. . 2012.

Look at other dictionaries:

  • tax code — UK US noun [C] ► TAX in the UK, a set of numbers and letters used by the tax authority to show the amount of income tax that someone should pay, depending on their income and personal situation: »The higher the figures in your tax code, the more… …   Financial and business terms

  • tax code — 1) See: income tax code 2) The body of tax law applicable in a country, in which the tax law is codified rather than laid down by statute …   Accounting dictionary

  • tax code — 1) See income tax code 2) The body of tax law applicable in a country, in which the tax law is codified rather than laid down by statute …   Big dictionary of business and management

  • tax code — / tæks kəυd/ noun a number given to indicate the amount of tax allowance a person has …   Dictionary of banking and finance

  • Tax code (PAYE) — In the UK, every person paid under the PAYE scheme is allocated a tax code by HM Revenue Customs. This is in the form of a number followed by a letter or letters, or a letter followed by numbers. This code describes to employers how much tax to… …   Wikipedia

  • Russian Tax Code — The Russian Tax Code is the primary tax law for the Russian Federation. The Code was created, adopted and implemented in three stages. Part One, enacted July 31, 1998, also referred to as General Part , regulates relationships between taxpayers,… …   Wikipedia

  • income tax code — A code number issued by the Board of Inland Revenue that takes account of the personal allowance available to the taxpayer together with any other additional allowances to which he or she is entitled, e.g. married couple s allowance. The code is… …   Accounting dictionary

  • income tax code — A code number issued by HM Revenue and Customs that takes account of the personal allowance available to the taxpayer together with any other additional allowances to which he or she is entitled, e. g. age allowance. The code is used by the… …   Big dictionary of business and management

  • emergency tax code — An income tax code issued by the Inland Revenue in the event of an employee not having the correct code available for the employer to apply to earnings under pay as you earn. The code gives the basic personal allowance, but does not allow for any …   Accounting dictionary

  • Tax avoidance and tax evasion — Tax avoidance is the legal utilization of the tax regime to one s own advantage, in order to reduce the amount of tax that is payable by means that are within the law. By contrast tax evasion is the general term for efforts to not pay taxes by… …   Wikipedia


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