Category: IRS

Self-Employment Loss Self-employment income minus self-employment expenses, when self-employment income is less than self-employment expenses.

Sales Tax A tax on retail products based on a set percentage of retail cost.

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.

Revenue Tariff A tax on imported goods levied primarily to generate revenue for the federal government.

Revenue The income the nation collects from taxes.

Resources Factors needed to produce goods and services (natural, human, and capital goods).

Regressive Tax A tax that takes a larger percentage of income from low-income groups than from high-income groups.

Refundable Credit When the amount of a credit is greater than the tax owed, taxpayers can receive a “refund” for some of the unused credit.

Refund Money owed to taxpayers when their total tax payments are greater than the total tax. Refunds are received from the government.

Qualifying Widow(er) filing status If your spouse died in 2010, you can use married filing jointly as your filing status for 2010 if you otherwise qualify to use that status. The year of death is the last year for which you can file jointly with your deceased spouse. You may be eligible to use qualifying… Continue reading Qualifying Widow(er) filing status