But the UK allows a generous amount of tax-deductible expenses which can significantly reduce the amount of tax due.
So, for example, if you made a hardship withdrawal on August 29, 2012, you must report that amount and pay tax on that amount for the 2012 tax year.
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Tax avoidance is the legal use of the tax framework to reduce the amount of tax payable whereas tax evasion is against the law.
George Thompson was in Tax Court not to appeal the amount of tax that he owed.
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Under current rules, higher rate taxpayers can donate unlimited amounts of money to charity and offset it against their tax bill to effectively bring the amount of tax they pay down - sometimes to zero.
Whilst I would encourage anybody to take advantage of any tax concessions, in reality, the amount of tax that you will save is small.
As a result, tax compliance costs have risen, the tax base has narrowed, and higher tax rates are required to collect the same amount of tax revenue.
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In a progressive tax system, that also means that the amount of tax payable will be smaller since tax rates tend to decrease with taxable income (with some exceptions, of course).
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But I would have thought that the Tea Party would at least agree that a fair tax system would have people with the same income pay the same amount of tax.
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You may also have to pay estimated tax if the amount of income tax being withheld from your salary, pension, or other income is not enough.
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Just as the GOP insisted that failing to extend the Bush-era tax cuts would amount to a tax increase, Obama will do the same with the payroll tax.
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Their scope is limited by the amount of tax revenues and donations from rich countries.
Computer software exists that could easily calculate the amount of tax due on a purchase.
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Those folks have been aware of the amount of tax fraud going on for awhile.
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Trusts, LLCs, and insurance can increase the amount escaping tax yet allow you to retain control.
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In collection matters the correct amount of tax is rarely of more than academic interest.
Under the ACES scheme, the amount of tax payable by the oil companies increased when profits increased.
This likely far exceeds the amount of tax the expatriate owed on a U.S. income tax return.
The TUC said the amount of tax paid by migrants exceeded the cost of supplying public services.
Under any enquiry HMRC will charge the full amount of tax, and interest on the late paid tax.
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"These are reconciliations, checks and cross-checks to make sure you have paid the right amount of tax, " he said.
He would do this in concert with a reduction in the amount of tax deductions that distort economic activity.
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Nor does it arise from a disagreement about the amount of tax revenue that's needed in the years ahead.
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Which leaves us with, the right amount of tax is indeed being paid.
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There simply are not enough working young, paying the full and appropriate amount of tax to fund the pension pot.
There is no amount of tax relief that will stimulate a responsible businessperson to spend when spending is not needed.
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It is a percentage so if the price of a litre rises, the amount of tax that is paid rises.
"The role of accountants is to help their clients pay the right amount of tax under the law, " the ICAEW said.
The amount of tax we pay on fuel is high, but it is not significantly higher than the rest of Europe.
So the true effect of this treatment of stock options is not to reduce the amount of tax paid at all.
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