Legal Dictionary

Search results for: “social security tax”

  • Payroll Tax

    United States Tax Concept of Payroll Tax A tax based on wages, tips, and salaries paid. Your employer deducts a certain amount from your paycheck and pays the rest of these taxes. This tax money funds many finance specific programs. Federal, state, and local governments collect payroll taxes […]

  • Forms of Taxation

    Definition of Forms of Taxation In relation to social issues, a meaning of forms of taxation is provided here: forms of taxation: taxes are charges imposed by the government on people or property for public purposes. Taxes take different forms like the benefit principle (gasoline taxes for […]

  • Social Security

    Legal Definition and Related Resources of Social Security Meaning of Social Security A general term applied to the whole area of federal and state legislations providing for assistance to people on account of their disability , old age, survivor’s […]

  • Tax-Exempt Interest

    United States Tax Concept of Tax-Exempt Interest Interest paid on bonds issued by states, their political subdivisions, or municipalities. Such interest is exempt from federal income tax. Although you must report this income on your return it’s not taxed. Your tax-exempt interest is […]

  • Taxpayer Identification Number

    United States Tax Concept of Adoption Taxpayer Identification Number (ATIN) An Adoption Taxpayer Identification Number is applied for and used for a taxpayer’s child if the child’s adoption is pending. If an authorized adoption agency places a child in your home, you may be able to […]

  • Social Security Number

    United States Tax Concept of Social Security Number (SSN) The taxpayer identification number for most U.S. citizens. You must provide a taxpayer identification number for yourself and for each person for whom you claim an exemption or certain other tax benefits.

  • Social Security Benefits

    United States Tax Concept of Social Security Benefits The monthly benefits received from the Social Security Administration. Some or all of your benefits may be taxable depending on your income level.

  • Self Employment Tax

    Self Employment Tax Definition (in the Accounting Vocabulary)The The New York State Society of Certified Public Accountants offers the following definition of Self Employment Tax in a way that is easy for anybody to understand: Most individuals that are in business for themselves, such as SOLE […]

  • Taxpayer Identification Number (TIN)

    Taxpayer Identification Number (TIN) Definition (in the Accounting Vocabulary)The The New York State Society of Certified Public Accountants offers the following definition of Taxpayer Identification Number (TIN) in a way that is easy for anybody to understand: Any individual or other taxable […]

  • Business Taxes

    United States Tax Concept of Business Taxes Businesses pay taxes on their profits to federal, state and local governments. Businesses also pay unemployment insurance, worker’s compensation, social security and Medicare insurance.

  • Individual Taxpayer Identification Number

    United States Tax Concept of Individual Taxpayer Identification Number (ITIN) A taxpayer identification number for persons who do not qualify for a social security number. It is usually assigned to aliens.

  • Wage Base

    United States Tax Concept of Wage Base The level of earnings to which the full Social Security tax applies. For 1999 the full 15.30% tax applies to the first $72,600 of wages or self-employment income and the 2.9% Medicare portion applies to all income over that level.

  • Reimbursement Account

    United States Tax Concept of Reimbursement Account Also called a flexible spending account or salary reduction plan that allows an employee to divert some of his or her salary to a special account that is used to reimburse the employee for medical or child-care expenses. Funds deposited in the […]

  • Parsonage Allowance

    United States Tax Concept of Parsonage Allowance A housing allowance for clergy which is designated by the church or other employer organization for the expenses of providing and maintaining a home. A clergyman’s designated housing allowance is not included in taxable income to the […]

  • Withholding

    Withholding…