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.: Glossary
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Glossary
Terms in glossary: 113.
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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.
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sales tax
A tax on retail products based on a set percentage of retail cost.
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Self-employment loss
Self-employment income minus self-employment expenses when self-employment income is greater than self-employment expenses.
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self-employment profit
Self-employment income minus self-employment expenses when self-employment income is greater than self-employment expenses.
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self-employment 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. The self-employment tax is reported on Form 1040.
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sin tax
A tax on goods such as tobacco and alcohol.
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Single
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.
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Social Security 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.
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Software Developer
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.
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standard deduction
Reduces the income subject to tax and varies depending on filing status, age, blindness, and dependency.
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support
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.
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tariff
A tax on products imported from foreign countries.
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tax avoidance
An action taken to lessen tax liability and maximize after-tax income.
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tax code
The official body of tax laws and regulations.
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tax credit
A dollar-for-dollar reduction in the tax. Can be deducted directly from taxes owed.
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tax cut
A reduction in the amount of taxes taken by the government.
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tax deduction
A part of a person's or business's expenses that reduces income subject to tax.
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tax evasion
A failure to pay or a deliberate underpayment of taxes.
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tax exemption
A part of a person's income on which no tax is imposed.
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tax liability
The amount of tax that must be paid. Taxpayers meet (or pay) their federal income tax liability through withholding, estimated tax payments, and payments made with the tax forms they file with the government.
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tax preparation software
Computer software designed to complete tax returns. The tax preparation software works with the IRS electronic filing system.
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tax shift
The process that occurs when a tax that has been levied on one person or group is in fact paid by others.
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tax-exempt interest income
Interest income that is not subject to income tax. Tax-exempt interest income is earned from bonds issued by states, cities, or counties and the District of Columbia.
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taxable interest income
Interest income that is subject to income tax. All interest income is taxable unless specifically excluded.
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taxes
Required payments of money to governments that are used to provide public goods and services for the benefit of the community as a whole.
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