The tax levied on both employers and employees used to fund the Social Security program. Social Security tax is usually collected in the form of payroll tax or self-employment tax. The Social Security tax pays for the retirement and disability benefits received by millions of Americans each year. The funds collected from employees for Social Security are not put into a trust for the individual employee currently paying into the system, but rather are used to pay existing retirees. Also, Social Security tax can refer to the tax on the benefits received from Social Security. In the past, Social Security was tax free, but today if you have other substantial income along with your benefits, you will likely end up paying some tax on them.
A law enacted by President Franklin D. Roosevelt in 1935 to create a system of transfer payments in which younger, working people support older, retired people. Under the act, the government began collecting the Social Security tax from workers in 1937 and began making payments in 1940. The Social Security tax combines with the Medicare tax to form what is known as FICA, or the payroll tax. As of 2010, the Social Security tax rate was 6.2% and the Medicare tax rate was 1.45%. The total payroll tax of 7.65% is deducted from the employee’s paycheck; the employer must make a matching contribution of an additional 7.65%. The employee effectively pays the entire tax, as the employer’s matching requirement reduces what he is able to pay his employees. Thus, Social Security represents a tax of 12.4% on the employee in addition to Medicare taxes, federal income taxes, state and local income taxes, sales taxes and numerous other less-noticed taxes.
The filing status used by a taxpayer who is unmarried and does not qualify for any other filing status. Your filing status does affect your taxation bracket.
A tax implemented by the Canadian government on the distributions of a special type of Canadian income trust. SIFT trusts was a common business structure in Canada that provided beneficial tax advantages prior to 2006. They are actively managed and commonly used by businesses that essentially operate like corporations. In October, 2006, the Canadian government decided that the tax advantages available to SIFT trusts were "not appropriate" (meaning that the government was not collecting as much tax revenue as it wanted to), and implemented a new tax under the Tax Fairness Plan that made SIFT taxation similar to corporate taxation. Prior to the imposition of the new tax, income trusts comprised roughly 10% of companies traded on the Toronto Stock Exchange, with a large number of those being energy companies. As a result of the change in tax law, many SIFT trusts converted to a corporate structure. The tax became effective for preexisting income trusts on January 1, 2011.
A personal financial accounting method that, when used properly, can help reduce capital gains realized for an investor who purchased multiple sets of a stock or mutual fund. In turn, the investor's total tax paid in a given tax year is also reduced. In order to use the specific-shares method, the investor needs to keep careful records - particularly the cost basis - of each stock or mutual fund purchase. Then he/she must provide detailed information on which particular shares are to be sold to the broker managing the investor's account. Here's an example:An investor purchases 50 shares of Company XYZ at a price of $30 per share on June 15, 2001. A year later, the shares of Company XYZ have depreciated in value to $10 per share, so the investor decides to purchase 60 more shares. Two years after that, the value of Company XYZ shares have appreciated in price to $90 per share. The investor decides to sell 50 of her shares and realize a profit, but still hold onto the rest as she expects Company XYZ shares to continue to rising in price. Using the specific-shares method to minimize the gains realized on her sale of XYZ, the investor calls her broker and asks him specifically to sell the 50 shares of Company XYZ that were purchased on June 15, 2001. These shares were more expensive, so the capital gain realization is minimized: the cost basis of these shares is $1,500 ($30*50 shares), so the investor realizes a capital gain of $3,000 ($90*50 shares - $1,500). If the investor had sold 50 of the shares she purchased at $10 per share - which would have a cost basis of $500 ($10*50), she would be liable for a capital gain of $4,000 ($90*50 - $500).
A method of keeping track of all items in an inventory. Specific identification inventory valuation is often used for larger items such as furniture or vehicles, but it is used to identify specific securities as well. This method of identification allows investors to reduce or offset capital gains by picking a specific lot of securities to be used as basis for a sale. For example, suppose that Jane owns 1,000 shares of ABC company, a volatile small cap manufacturer. She bought 400 shares at $40 per share, 300 shares at $60 per share and the remaining 300 shares at $20 per share. Jane then sells 300 shares at $70 per share. Using the method described above, Jane can match the shares she sold with the 300 shares she purchased at $60 per share, because the cost of specific securities is easy to identify.
Children who have been determined to require special attention and specific necessities that other children do not. The state decides upon this status and offers benefits that follow a special needs child because it is believed the child will not be adopted if assistance is not provided. Special needs children typically receive some sort of additional tax credit or deduction for the guardian.
The levy assessed against the portion of a property that has been condemned by a public authority. The special assessment tax will reduce the amount of compensation awarded to the property owner because the owner is considered to have also benefited from the improvement. A public authority can only make a partial condemnation it needs to make way for a public improvement. If the amount of the tax exceeds the compensation, then the difference is added to the basis of the property.
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