Single Filing Status If on the last day of the year, you are unmarried or legally separated from your spouse…
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 Profit Self-employment income minus self-employment expenses, when self-employment income is greater than self-employment expenses.
Self-Employment Loss Self-employment income minus self-employment expenses, when self-employment income is less than self-employment expenses.
Revenue Tariff A tax on imported goods levied primarily to generate revenue for the federal government.
Regressive Tax A tax that takes a larger percentage of income from low-income groups than from high-income groups.