income deduction
71Educator Expenses Deduction — An above the line deduction for teachers and other education professionals to compensate for unreimbursed out of pocket expenses incurred in the course of their teaching duties. The educator expenses deduction is intended to provide a measure of… …
72Basic income — A basic income is a proposed system of social security, that periodically provides each citizen with a sum of money that is sufficient to live on. Except for citizenship, a basic income is entirely unconditional. Furthermore, there is no means… …
73Negative income tax — Part of a series on Government Public finance …
74Payroll Deduction Plan — A contribution plan in which an employer deducts a specified amount from an employee s pay and puts the funds toward insurance, healthcare or an investment account. In most situations, employees enter into payroll deduction plans on a voluntary… …
75tax deduction — noun a reduction in the gross amount on which a tax is calculated; reduces taxes by the percentage fixed for the taxpayer s income bracket • Syn: ↑tax write off, ↑deduction • Hypernyms: ↑write off, ↑write down • Hyponyms: ↑tax benefit, ↑ …
76State income tax — is an income tax in the United States that is levied by each individual state. Seven states choose to impose no income tax. These states are Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming. Additionally, New Hampshire and… …
77Adjusted gross income — Part of a series on Taxation Taxation in the United States …
78Earned income tax credit — The United States federal Earned Income Tax Credit (EITC or EIC) is a refundable tax credit. For tax year 2007, a claimant with one qualifying child can receive a maximum credit of $2,853. For two or more qualifying children, the maximum credit… …
79adjusted gross income — n: an individual s gross income decreased by the amount of deductions allowed esp. for business expenses Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. adjusted gross income …
80accumulated taxable income — The base upon which the accumulated earnings tax is imposed. Basically, it is the taxable income of the corporation as adjusted for certain items (e.g., the Federal income tax, excess charitable contributions, the dividends received deduction)… …
