Taxation

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DEFINITION of 'Taxation'

Taxation refers to the act of a taxing authority actually levying tax. Taxation as a term applies to all types of taxes, from income to gift to estate taxes. It is usually referred to as an act; any revenue collected is usually called "taxes."

BREAKING DOWN 'Taxation'

Taxation can also refer to taxes as an abstract concept, a actual dollar amount of tax that has been levied or the material funds that have been received as taxes. Although all of these definitions are technically correct, the one listed above is the most common. Taxation is one of the primary powers of government over the people.

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RELATED FAQS
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    Any taxable amount of the distribution will represent ordinary income for the year that the distribution occurs and will ... Read Full Answer >>
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    For the purposes of taking a deduction for an IRA contribution, the IRS provides special allowances for individuals who are ... Read Full Answer >>
  3. Can I use my IRA savings to start my own savings?

    While there is no legal reason why you cannot withdraw funds from your IRA to start a traditional savings account, it is ... Read Full Answer >>
  4. Are spousal Social Security benefits taxable?

    Your spousal Social Security benefits may be taxable, depending on your total household income for the year. About one-third ... Read Full Answer >>
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    The U.S. Social Security Administration, or SSA, is headquartered in Woodlawn, Maryland, a suburb just outside of Baltimore. ... Read Full Answer >>
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