tax bracket
111kiddie tax — A tax imposed on unearned income (in excess of a minimal amount) of a child under the age of 14. Such income is taxed at the parents highest rate. The Tax Reform Act of 1986 instituted the kiddie tax in an effort to stop the shifting of income… …
112bracketcreep — bracket creep n. Informal A shift of personal income into a higher tax bracket when the taxable income increases over time. * * * …
113Roth IRA — A Roth IRA is an Individual Retirement Account (IRA) allowed under the tax law of the United States. Named for its chief legislative sponsor, Senator William Roth of Delaware, a Roth IRA differs in several significant ways from other… …
114Registered Retirement Savings Plan — A Registered Retirement Savings Plan or RRSP is an account that provides tax benefits for saving for retirement in Canada. RRSP refers to a provision in the Income Tax Act that allows a person to shelter financial property from income taxes.RRSPs …
115Traditional IRA — A traditional IRA is an individual retirement account (IRA) in the United States. The IRA is held at a custodian institution such as a bank or brokerage, and may be invested in anything that the custodian allows (for instance, a bank may allow… …
116401(k) IRA matrix — This is a comparison between 401(k),Roth 401(k), and Traditional Individual Retirement Account and Roth Individual Retirement Account accounts. =Comparison [IRS Publication 4530 [http://www.irs.gov/pub/irs pdf/p4530.pdf] ] [IRS Retirement Article …
117trust — A legal entity created by a grantor for the benefit of designated beneficiaries under the laws of the state and the valid trust instrument. The trustee holds a fiduciary responsibility to manage the trust s corpus assets and income for the… …
118Variable universal life insurance — (often shortened to VUL) is a type of life insurance that builds a cash value. In a VUL, the cash value can be invested in a wide variety of separate accounts, similar to mutual funds, and the choice of which of the available separate accounts to …
119Ronald Reagan — Reagan redirects here. For other uses, see Reagan (disambiguation). Ronald Reagan 40th President of the United States In office …
120Fiscal drag — refers to the process where tax thresholds are either not adjusted for inflation, or fail to keep pace with earnings growth, causing in either case an automatic rise in tax revenues.Example of nominal fiscal dragSuppose a person earns $20,000 per …
