1
A steady income given to a person (usually after retirement).
What is Pension?
The legal process of settling the estate of a deceased person, resolving all claims and distributing the decedent's property.
What is Probate?
All of the property, assets, and debts left by a deceased person.
What is estate?
A rise in the general level of prices over time.
What is inflation
An item that is subtracted from gross income on a tax return.
What is Deduction?
A company retirement plan, such as a 401(k) plan or 403(b) plan, in which the employee elects to defer some amount of his or her salary into the plan, and he or she bears the investment risk.
What is Defined Contribution Plan?
A court that is primarily concerned with the proper distribution of the assets of someone who has died.
What is Probate Court?
The act of preparing for passing assets and decision-making responsibility on to heirs or other individuals in case of death or incapacitating injury or illness.
What is Estate Planning?
Tax on the profit made by selling an asset that has increased in value, such as stocks or property.
What is Capital Gains Tax?
A tax imposed by the federal government on any money earned during a fiscal year.
What is Income Tax?
A company retirement plan, such as a pension plan, in which a retired employee receives a specific amount based on salary history and years of service, and in which the employer bears the investment risk. Contributions may be made by the employee, the employer, or both
What is Defined Benefit Plan?
A word that describes someone who dies without a legal will in place.
What is Intestate?
A document by which a person regulates the rights of others over his or her property or family after death.
What is a will?
Income that is available after all necessities (food, shelter, etc.) have been paid for.
What is Discretionary Income?
A tax paid by owners of property, based on the estimate of the property's value.
What is Property Tax?
A type of employer-sponsored defined contribution retirement plan. It allows a worker to save for retirement while deferring income taxes on the saved money and earnings until withdrawal.
What is a 401(k)
Amounts subtracted directly from the taxes due, not from income as deductions are.
To leave or give property by will.
What is Bequeath?
Income after all deductions and exemptions have been subtracted.
What is Taxable Income?
A tax imposed on the transfer of property from a deceased person.
What is Inheritance Tax?
An individual retirement account that provides tax-free growth, with contributions to the account made post-tax.
What is a Roth IRA?
A tax-deferred retirement plan account that provides some tax advantages for retirement savings in the United States.
What is an Individual retirement account (IRA)?
A social insurance program funded through dedicated payroll taxes called the Federal Insurance Contributions Act (FICA).
What is Social Security?
The divisions at which tax rates change in a progressive tax system. Income past a certain point will be taxed at a higher rate.
What is Tax Brackets?
A tax imposed on the sale of fuel.