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The total revenue generated from sales of goods or services, before any expenses or taxes are deducted. It's relevant as it determines the taxation base for businesses.

This is the profit remaining after all operating expenses, interest, taxes, and dividends are deducted from total revenue. It's important for understanding the business's profitability and tax liability.

An expense that can be subtracted from gross income to reduce the taxable income. These are important for businesses to lower their tax liability legally.

A direct reduction of tax liability, not just the taxable income. It can be claimed for various investments, expenses, or to incentivize certain behaviors.

The process of allocating the cost of a tangible asset over its useful life. In businesses, it reduces taxable income by considering the wearing out or obsolescence of an asset.

A tax on the profit from the sale of property or an investment. It's relevant because it affects the net earnings that businesses or individuals receive from investments.

A tax levied on the sale of goods and services. It's collected by the business at the point of sale and passed on to the government, affecting pricing and potentially consumer demand.

Taxes imposed on employers and employees, calculated as a percentage of the salaries that employees are paid. They fund social security, Medicare, and other government programs.

A range of incomes taxed at a given rate. Businesses must understand where they fall within tax brackets to anticipate their tax obligations.

A consumption tax placed on a product whenever value is added at a stage of production and at final sale. It's significant for pricing strategies and accounting practices.

The illegal act of not paying taxes that are due, typically by making a false declaration or no declaration to tax authorities. It carries legal penalties and can damage a business's reputation.

The legal use of the tax regime to one's own advantage, by reducing the amount of tax that is payable. It involves using legal loopholes or strategies like tax shelters.

A tax imposed on specific goods, such as cigarettes and alcohol, often with the intention of reducing consumption of such goods. It affects the cost structure of products subject to the tax.

The tax imposed on the net income of a corporation. The rate can influence business investment decisions and the choice of business entity.