Single Filing Status If on the last day of the year, you are unmarried or legally separated from your spouse under a divorce or separate maintenance decree and you do not qualify for another filing status.
Self-Employment Tax
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 tax is calculated on Schedule SE—Self-Employment Tax. The self-employment tax is reported on Form 1040, U.S. Individual Income Tax Return.
Self-Employment Profit
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 Loss Self-employment income minus self-employment expenses, when self-employment income is less than self-employment expenses.
Sales Tax
Sales Tax A tax on retail products based on a set percentage of retail cost.
Salary
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
Revenue Tariff A tax on imported goods levied primarily to generate revenue for the federal government.
Revenue
Revenue The income the nation collects from taxes.
Resources
Resources Factors needed to produce goods and services (natural, human, and capital goods).
Regressive Tax
Regressive Tax A tax that takes a larger percentage of income from low-income groups than from high-income groups.