Tax
A tax imposed on the sale of fuel.
what is fuel tax?
The total income of an individual or couple filing jointly or separately, including all wages, rental income, and interest on investments (except tax-deferred investments).
What is gross income?
A type of employer-sponsored defined contribution retirement plan under section 401(k) of the Internal Revenue Code. It allows a worker to save for retirement while deferring income taxes on the saved money and earnings until withdrawal. The employee elects to have a portion of wages paid directly, or deferred, into a 401(k) account.
What is a 401k
Instructions covering specific medical directives as to the course of treatment to be taken by caregivers, or, in particular, in some cases forbidding treatment and sometimes also food and water, if the principal is unable to give informed consent due to incapacity.
What is a living will?
A rise in the general level of prices over time.
what is inflation?
Amounts subtracted directly from the taxes due, not from income as deductions are. There are many types of tax credits, including the Earned Income Tax Credit and the Child Tax Credit.
what are tax credits?
Income after all deductions and exemptions have been subtracted. Using a tax table, taxes are figured based on the taxable income.
what is taxable income?
An individual retirement account that provides tax-free growth, with contributions to the account made post-tax. Roth IRAs may be opened through various investment options, including stocks or mutual funds.
What is a Roth IRA?
A document by which a person regulates the rights of others over his or her property or family after death.
What is a will?
A professionally managed investment vehicle that pools money from many investors and invests it in stocks, bonds, short-term money market instruments, and/or other securities.
What are mutual funds?
A tax paid by owners of property, based on the estimate of the property's value.
what is property tax?
A tax imposed by the federal government on any money earned during a fiscal year.
what is income tax?
A tax-deferred retirement plan account that provides some tax advantages for retirement savings in the United States.
What is a individual retirement account (IRA)?
A legal arrangement in which one person holds title to money or property, subject to an obligation to keep or use the property for the benefit of another.
What is a trust?
A type of investment that guarantees payments of specific amounts at specific times. Annuities come in two forms: fixed and variable.
What is a annuity?
A tax imposed on the transfer of property from a deceased person.
What is inheritance tax?
Income that is available after all necessities (food, shelter, etc.) have been paid for.
what is discretionary income?
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 a defined contribution plan?
A court that is primarily concerned with the proper distribution of the assets of someone who has died. It determines the validity of wills, enforces the provisions of the valid will, and provides for the fair distribution of the assets of persons who die intestate (without a valid will).
What is a probate court?
To leave or give property by will.
What is a bequeath?
A form of taxation where people who earn more are charged a higher percentage of their income than people with lower incomes.
What is progressive tax?
The amount of the monthly benefit to which a worker is entitled depends upon that person's earnings record and the age at which he or she chooses to begin receiving benefits.
what is social security?
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 a defined benefit plan?
The legal process of settling the estate of a deceased person, resolving all claims and distributing the decedent's property.
What is a probate?
A specific power of attorney that allows an agent to make health care decisions in the event that the primary individual is incapable of executing such decisions.
What is a health care proxy?