Income Tax terms starting with S

11 terms

1. salary 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.
2. Sales tax A sales tax is a tax imposed by state and local governments on transactions that occur within their jurisdictions.
3. self-employment loss Self-employment income minus self-employment expenses, when self-employment income is less than self-employment expenses.
4. self-employment profit Self-employment income minus self-employment expenses, when self-employment income is greater than self-employment expenses.
5. self-employment tax Similar to Social Security and Medicare taxes. The self-employment tax rate is 15.3 percent of self-employment profit.
6. sin tax A tax on goods such as tobacco and alcohol.
7. single filing status 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…
8. Social Security Tax Provides benefits for retired workers and their dependents as well as for the disabled and their dependents.
9. Software Developer Develops software for the purposes of (1) formatting electronic tax return information according to IRS specifications, and/or (2) transmitting electronic…
10. standard deduction Reduces the income subject to tax and varies depending on filing status, age, blindness, and dependency.
11. support For dependency test purposes, support includes food, clothing, shelter, education, medical and dental care, recreation, and transportation.