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Compensation received by an employee for services performed. A salary is a fixed sum paid for a specific period of time worked, such as weekly or monthly.
- Browse Related Terms: bonus, compulsory payroll tax, earned income, employee, flat tax, Form W-4, Employee's Withholding Allowance Certificate, formal tax legislation process, income taxes, independent contractor, salary, self-employment loss, self-employment profit, tip income, wages
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A tax on retail products based on a set percentage of retail cost.
- Browse Related Terms: Commission, excise tax, Progressive tax, proportional tax, Regressive tax, sales tax, transaction taxes
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All > Business > Finance > Personal Finance > Income Tax
Self-employment income minus self-employment expenses, when self-employment income is less than self-employment expenses.
- Browse Related Terms: bonus, compulsory payroll tax, earned income, employee, flat tax, Form W-4, Employee's Withholding Allowance Certificate, formal tax legislation process, income taxes, independent contractor, salary, self-employment loss, self-employment profit, tip income, wages
All > Business > Finance > Personal Finance > Income Tax
Self-employment income minus self-employment expenses, when self-employment income is greater than self-employment expenses.
- Browse Related Terms: bonus, compulsory payroll tax, earned income, employee, flat tax, Form W-4, Employee's Withholding Allowance Certificate, formal tax legislation process, income taxes, independent contractor, salary, self-employment loss, self-employment profit, tip income, wages
All > Business > Finance > Personal Finance > Income Tax
Similar to Social Security and Medicare taxes. The self-employment tax rate is 15.3 percent of self-employment profit. The self-employment tax is calculated on Schedule SE—Self-Employment Tax. The self-employment tax is reported on Form 1040, U.S. Individual Income Tax Return.
- Browse Related Terms: business, exempt (from withholding), Federal Insurance Contributions Act (FICA) Tax, Investment Income, lobbyist, Medicare tax, payroll taxes, self-employment tax, Social Security Tax, support, tax exemption, taxable interest income
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A tax on goods such as tobacco and alcohol.
- Browse Related Terms: direct tax, indirect tax, informal tax legislation process, Internal Revenue Service (IRS), mass tax, nullification, Revenue, sin tax, tax avoidance, voluntary compliance
All > Business > Finance > Personal Finance > Income Tax
If on the last day of the year, you are unmarried or legally separated from your spouse under a divorce or separate maintenance decree and you do not qualify for another filing status.
- Browse Related Terms: adjusted gross income (AGI), Citizen or Resident Test, dependency exemption, dependent, exemptions, filing status, foster child, Head of Household filing status, Married Filing Joint filing status, Married Filing Separate filing status, personal exemption, qualifying child, qualifying relative, Qualifying Widow(er) filing status, single filing status, standard deduction, tax deduction, tax-exempt interest income
All > Business > Finance > Personal Finance > Income Tax
Provides benefits for retired workers and their dependents as well as for the disabled and their dependents. Also known as the Federal Insurance Contributions Act (FICA) tax.
- Browse Related Terms: business, exempt (from withholding), Federal Insurance Contributions Act (FICA) Tax, Investment Income, lobbyist, Medicare tax, payroll taxes, self-employment tax, Social Security Tax, support, tax exemption, taxable interest income
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All > Business > Finance > Personal Finance > Income Tax
Develops software for the purposes of (1) formatting electronic tax return information according to IRS specifications, and/or (2) transmitting electronic tax return information directly to the IRS.
- Browse Related Terms: Appeal, Authorized IRS e-file Provider, electronic filing (e-file), electronic preparation, Electronic Return Originator (ERO), Federal/State e-file, file a return, Intermediate Service Provider (ISP), IRS e-file, Personal Identification Number (PIN), Software Developer, tax preparation software, transmit, transmitter, Volunteer Income Tax Assistance (VITA)
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Reduces the income subject to tax and varies depending on filing status, age, blindness, and dependency.
- Browse Related Terms: adjusted gross income (AGI), Citizen or Resident Test, dependency exemption, dependent, exemptions, filing status, foster child, Head of Household filing status, Married Filing Joint filing status, Married Filing Separate filing status, personal exemption, qualifying child, qualifying relative, Qualifying Widow(er) filing status, single filing status, standard deduction, tax deduction, tax-exempt interest income
All > Business > Finance > Personal Finance > Income Tax
For dependency test purposes, support includes food, clothing, shelter, education, medical and dental care, recreation, and transportation. It also includes welfare, food stamps, and housing provided by the state. Support includes all income, taxable and nontaxable.
- Browse Related Terms: business, exempt (from withholding), Federal Insurance Contributions Act (FICA) Tax, Investment Income, lobbyist, Medicare tax, payroll taxes, self-employment tax, Social Security Tax, support, tax exemption, taxable interest income