What does tax code mean?

Definitions for tax code

Here are all the possible meanings and translations of the word tax code.

Freebase

  1. Tax code

    In the UK, every person paid under the PAYE scheme is allocated a tax code by HM Revenue and Customs. This is usually in the form of a number followed by a letter suffix, though other 'non-standard' codes are also used. This code describes to employers how much tax to deduct from an employee. The code is normally based on information provided to HMRC by the taxpayer or their employer. Tax codes are usually adjusted once a year to take into account any changes made in the National Budget, but can be altered more often to reflect an employee's circumstances. Tax codes can be changed if someone has paid too much or too little tax the previous tax year, if an employee receives state benefits, or has non-PAYE income. Changes in a tax code are to ensure the employee has paid the correct amount of tax by the end of each tax year. Tax codes are passed between periods of employment by a P45, which is generated when a person leaves a job. If a P45 is mislaid or not supplied at the end of a period of employment, a P46 can be filled out in order to determine which tax code is applicable to a person. Between submitting a P46 and receiving the correct tax code from HM Revenue and Customs, an employer can apply the emergency tax code on a week 1 basis. In this case, tax will be calculated as if the employee is working in the first week of the tax year, and all previous earnings are ignored. At the end of each tax year employers are required to send out a P60 which documents the total earnings and tax a person has paid within that tax year.

Numerology

  1. Chaldean Numerology

    The numerical value of tax code in Chaldean Numerology is: 2

  2. Pythagorean Numerology

    The numerical value of tax code in Pythagorean Numerology is: 9

Sample Sentences & Example Usage

  1. Ted Cruz:

    We need to pass fundamental tax reform making our tax code simpler, flatter, fairer, and I’ll tell you, the single most important tax reform, we should abolish the IRS.

  2. Don Stewart:

    Republicans believe we should simplify America's outdated tax code; that tax filing should be easier for you, not just those with fancy accountants; and that tax reform should create jobs for families, not the IRS.

  3. Donald Trump:

    It will provide major tax relief for middle income and for most other Americans. There will be a major tax reduction, it'll simplify the tax code, it'll grow the American economy at a level that it hasn't seen for decades.

  4. Vice President Joe Biden:

    We need -- not just in my country, but in other countries -- a more progressive tax code. Not confiscatory policy, not socialism, a tax code, everybody pays proportionally a fair share. This is not meant to penalize everybody.

  5. Carly Fiorina:

    When you have a 70,000 page tax code, you've got to be very wealthy, very powerful, very well-connected to dig your way through that tax code, what I will continue to point out is the fact that every policy she is pursuing will make income inequality worse, not better, crony capitalism even worse, not better.

Images & Illustrations of tax code


Translations for tax code

From our Multilingual Translation Dictionary

Get even more translations for tax code »

Translation

Find a translation for the tax code definition in other languages:

Select another language:

Discuss these tax code definitions with the community:

Word of the Day

Would you like us to send you a FREE new word definition delivered to your inbox daily?

Please enter your email address:     


Citation

Use the citation below to add this definition to your bibliography:

Style:MLAChicagoAPA

"tax code." Definitions.net. STANDS4 LLC, 2017. Web. 22 Aug. 2017. <http://www.definitions.net/definition/tax code>.

Are we missing a good definition for tax code? Don't keep it to yourself...

Nearby & related entries:

Alternative searches for tax code:

Thanks for your vote! We truly appreciate your support.