Income Tax terms starting with M

5 terms

1. market economy An economic system based on private enterprise that rests upon three basic freedoms: freedom of the consumer to choose among competing products and…
2. Married Filing Joint filing status You are married and both you and your spouse agree to file a joint return. (On a joint return, you report your combined income and deduct your combined…
3. Married Filing Separate filing status You must be married. This method may benefit you if you want to be responsible only for your own tax or if this method results in less tax than a joint…
4. mass tax A broad tax that affects a majority of taxpayers.
5. Medicare tax Used to provide medical benefits for certain individuals when they reach age 65.