|Short-term tax exempts|
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Definition of Short-term tax exempts
Short-term tax exempts
short-term securities issued by states, municipalities, local housing agencies, and
The ratio of net income to net sales.
Money after-tax rate of return minus the inflation rate.
A situation wherein participants in a transaction have different net tax rates.
taxes as a fraction of income; total taxes divided by total taxable income.
Total taxes owed divided by total income.
The ratio of net income before taxes to net sales.
The tax rate at which a party to a prospective transaction is indifferent between entering
Net income plus depreciation.
A measure of the goodness of fit of the relationship between the dependent and
a measure of dispersion that
The argument that double (corporate and individual) taxation of equity returns makes
Rate of return required on a par bond to produce the same after-tax yield to
Conditions under which credit is extended by a lender to a borrower.
That portion of the total income tax provision that is based on
A federal Act requiring employers to withhold income taxes from employee pay.
Deferred Income Tax Expense
That portion of the total income tax provision that is the result
Deferred Tax Asset
Future tax benefit that results from (1) the origination of a temporary difference
Deferred Tax Liability
Future tax obligation that results from the origination of a temporary
A non-cash expense that provides a source of free cash flow. Amount allocated during the
Depreciation tax shield
The value of the tax write-off on depreciation of plant and equipment.
depreciation tax shield
Reduction in taxes attributable to the depreciation allowance.
Liability-matching models that assume that the liability payments and the asset cash
Withdrawal of funds from a financial institution in order to invest them directly.
Agreement between two countries that taxes paid abroad can be offset against
earnings before interest and income tax (EBIT)
A measure of profit that
Earnings before interest and taxes (EBIT)
A financial measure defined as revenues less cost of goods sold
Earnings before interest and taxes (EBIT)
The operating profit before deducting interest and tax.
Earnings before interest, taxes, depreciation and amortization (EBITDA)
The operating profit before deducting interest, tax, depreciation and amortization.
Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)
An earningsbased measure that, for many, serves as a surrogate for cash flow. Actually consists of working
EBDDT - Earnings before depreciation and deferred taxes
This measure is used principally by
Effective Tax Rate
The total tax provision divided by pretax book income from continuing
Electronic Federal Tax Payment Systems (EFTPS)
An electronic funds transfer system used by businesses to remit taxes to the government.
Equivalent taxable yield
The yield that must be offered on a taxable bond issue to give the same after-tax
Euro-medium term note (Euro-MTN)
A non-underwritten Euronote issued directly to the market. Euro-
Federal Unemployment Tax Act (FUTA)
A federal Act requiring employers to pay a tax on the wages paid to their employees, which is then used to create a
Institutions that provide the market function of matching borrowers and lenders or
Firm that raises money from many small investors and provides financing to businesses or other
Any institution, such as a bank, that takes deposits from savers and loans them to borrowers.
The process whereby financial intermediaries channel funds from lender/savers to borrower/spenders.
Optional periods of time which the conditions of a contract will be carried out.
Foreign tax credit
Home country credit against domestic income tax for foreign taxes paid on foreign
Imputation tax system
Arrangement by which investors who receive a dividend also receive a tax credit for
What the business paid to the IRS.
A government tax on the income earned by an individual or corporation.
Income Tax Expense
See income tax provision.
Income Tax Provision
The expense deduction from pretax book income reported on the
taxes paid by consumers when they buy goods and services. A sales tax is an example.
The loss in purchasing power due to inflation eroding the real value of financial assets such as cash.
Interest equalization tax
tax on foreign investment by residents of the U.S. which was abolished in 1974.
Interest tax shield
The reduction in income taxes that results from the tax-deductibility of interest payments.
interest tax shield
tax savings resulting from deductibility of interest payments.
spread The spread between the interest rate offered in two sectors of the bond market for
Intermarket spread swaps
An exchange of one bond for another based on the manager's projection of a
An independent third party that may act as a mediator during negotiations.
A good used in producing another good.
Typically 1-10 years.
Investment through a financial institution. Related: disintermediation.
Investment tax credit
Proportion of new capital investment that can be used to reduce a company's tax bill
Investment Tax Credit
A reduction in taxes offered to firms to induce them to increase investment spending.
Limited-tax general obligation bond
A general obligation bond that is limited as to revenue sources.
Liquidity theory of the term structure
A biased expectations theory that asserts that the implied forward
In accounting information, one year or greater.
Value of property, equipment and other capital assets minus the depreciation. This is an
An obligation having a maturity of more than one year from the date it was issued. Also
A debt for which payments will be required for a period of more than
Long Term Debt
Liability due in a year or more.
Indicator of financial leverage. Shows long-term debt as a proportion of the
Long-term debt ratio
The ratio of long-term debt to total capitalization.
Long-term debt to equity ratio
A capitalization ratio comparing long-term debt to shareholders' equity.
Long-term financial plan
Financial plan covering two or more years of future operations.
Amount owed for leases, bond repayment and other items due after 1 year.
Bills that are payable in more than one year, such as a mortgage or bonds.
Amounts owing after more than one year.
Longer-Term Fixed Assets
Assets having a useful life greater than one year but the duration of the 'long term' will vary with the context in which the term is applied.
Margin Tax Rate
The tax rate applicable to the last unit of income.
Marginal tax rate
The tax rate that would have to be paid on any additional dollars of taxable income earned.
marginal tax rate
Additional taxes owed per dollar of additional income.
Marginal Tax Rate
Percent of an increase in income paid in tax.
A corporate debt instrument that is continuously offered to investors over a period of
Other long term liabilities
Value of leases, future employee benefits, deferred taxes and other obligations
Payroll tax expense
The amount of tax associated with salaries that an employer pays to governments (federal, state, and local).
Payroll taxes payable
The amount of payroll taxes owed to the various governments at the end of a period.
Personal tax view (of capital structure)
The argument that the difference in personal tax rates between
predetermined overhead rate
an estimated constant charge per unit of activity used to assign overhead cost to production or services of the period; it is calculated by dividing total budgeted annual overhead at a selected level of volume or activity by that selected measure of volume or activity; it is also the standard overhead application rate
Profit before interest and taxes (PBIT)
A tax in which the rich pay a larger percentage of income than the poor. Contrast with regressive tax.
Progressive tax system
A tax system wherein the average tax rate increases for some increases in income but
A tax taking the same percentage of income regardless of the level of income.
A tax in which the poor pay a larger percentage of income than the rich. Contrast with progressive tax.
The length of time given a borrower by a lender to repay a debt and the frequency of principal payments which the borrower has to meet.
Roth IRA. An IRA account whose earnings are not taxable at all under certain
A tax levied as a percentage of retail sales.
If an investor thinks the price of a stock is going down, the investor could borrow the stock from
One who has sold a contract to establish a market position and who has not yet closed out this position
Bonds with short current maturities.
See: unmatched book.
The sale of a futures contract(s) to eliminate or lessen the possible decline in value ownership of
This is the total number of shares of a security that investors have borrowed, then sold in the
Occurs when a person sells stocks he or she does not yet own. Shares must be borrowed,
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