A term used to describe interest that is considered to be paid, even through no interest payment has been made. Imputed interest is calculated based on the actual payments that are to be, but have not yet been, paid. This interest is important for discount bonds and other securities that are sold below face value and mature at par. The IRS uses an accretive method for calculating the imputed interest on Treasury bonds, which are taxed yearly, even though no interest is paid until maturity.
The act of placing a fee, levy, tax or charge on an asset or transaction to the detriment of the investor. The imposition of fees is a common practice in most investment products and services, and may be used as a deterrent to selling or exiting a financial position early. Fees are inevitable, regardless of whether you are a small retail investor or a multinational investment bank. Just about every financial service involves a payment to the party that helps to facilitate the transaction. Most fees should be made known to investors before they purchase a new security or move funds in a way that will incur a charge of some kind.Many fees are imposed not at the time of transaction, but instead levied on an annual basis as a percentage of assets or holdings.
A tax collected on imports and some exports by the customs authorities of a country. This tax is used to raise state revenue. It is based on the value of goods called ad valorem duty or the weight, dimensions, or other criteria of the item such as its size. Also referred to as customs duty, tariff, import tax and import tariff. In the United States, duty rates are established by Congress. The rates for imports are listed in the Harmonized Tariff Schedule (HTS) which is published by the International Trade Commission (ITC). Different rates are applied depending on the countries' trade relations status with the United States. The general rate is for countries that have normal trade relations status with the United States. The special rate is for countries that are not developed and/or are eligible for an international trade program.
An individual who is paid to provide a service within a residence. Examples include babysitters, nannies and housekeepers. Independent contractors such as repairmen and plumbers are not considered household employees. The Internal Revenue Service distinguishes between household employees and independent contractors based on whether the employer/taxpayer can determine not only the work that is performed but how it is carried out. As of 2010, individuals who hire household employees that they pay a total of more than $1,700 during the tax year must pay Social Security, Medicare and Federal Unemployment taxes on this employee's wages and may be required to pay taxes at the state level as well. These taxes on household employees are commonly known as the "nanny tax."
The theory stating that people in the same income bracket should be taxed at the same rate. This is the case in many westernized countries.
A rule that sets aside certain types of income as nontaxable. There are many types of income that qualify under this rule, such as life insurance death benefit proceeds, child support, welfare and municipal bond income. Income that is excluded is not reported anywhere on Form 1040. Generally, there is no limit to the amount of this type of income that can be received. One exception is municipal bond interest, which may be counted back as an alternative minimum tax preference item. Income that is excluded from taxation is generally accorded this status as a measure of relief for the recipient (or else as the result of powerful lobbying, as is the case with life insurance.)
A document published by the Internal Revenue Service that outlines the process for withholding and estimated tax that individuals must follow in order to pay their taxes. Typically, workers have taxes withheld from their paychecks. Workers who do not have taxes withheld from their income – whether due to employment status or for another reason – will have to pay estimated taxes over the course of the year. Income tax is not paid like a typical bill for a good or service. Instead of money coming due once a service is performed or good purchased, it is due when income is earned. Taxpayers who do not pay enough tax during the course of the year may wind up paying a penalty for each payment period.
A document published by the Internal Revenue Service that provides tax guidelines for individuals who are separated or divorced from their spouses. IRS Publication 504 outlines how to treat property or assets that are transferred between separated or divorced individuals, as well as the treatment of alimony and child support. The publication also covers which divorce- or separation-related expenses can be deducted, how taxes should be withheld and how to estimate taxes. Claiming dependents, for example, can become more complicated when spouses divorce, with one parent being considered the custodial parent and receiving the lion's share of the tax benefit.
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