An individual's total annual gross earnings coming from wages, business enterprises and various investments. Personal income is also known as your "before-tax income" and is used in calculating an individual's adjusted gross income for income-tax purposes.
The dollar amount that each individual taxpayer is able to deduct for him or herself or a dependent each year. A separate personal exemption is accorded to every man, woman and child in the U.S. that must file a return. For example the amount of the personal exemption was $3,500 in 2008 and $3,650 for 2009. The amount of each personal exemption that may be claimed is subject to an adjusted gross income phaseout. For example, in 2008, single filers could only claim the entire amount of the exemption if their incomes were less than $159,950, while head of household filers faced a limit of $199,950. Married taxpayers filing jointly could not make more than $239,950 to claim the full amount for personal exemptions, or $119,950 if they file separately. In 2009, the phaseouts begin at $250,200 for married couples filing jointly, $125,100 for married taxpayers filing separately, $166,800 for single taxpayers and $208,500 for heads of households.
A document expressing a person's wishes about critical care when he or she is unable to decide for him or herself. However, it does not authorize anyone to act on a person's behalf or make decisions the way a power of attorney would. With an advance directive, individuals have the power to make future decisions about their own critical care without outside influence. A person who wishes or does not wish to be placed upon life support can create an advance directive that will be followed by hospital staff should the person become incapacitated.
A taxable deduction that assigns a set percentage of depletion to the gross income derived from extracting fossil fuels, minerals or other nonrenewable resources from the earth. Percentage depletion is provided as an incentive for drillers and investors to develop domestic mineral and energy production. Oil and gas investments at the wellhead have become one of the most tax-advantaged investments available in America today, because of the depletion allowance. Approximately 15% of all income from oil and gas is tax-free for small investors and producers. There is no dollar limit as to the total amount of depletion one can deduct from income from qualified nonrenewable resources.
A bond that is posted on behalf of an administrator of an estate to assure that he or she conducts their duties according to the provisions of the will and/or the legal requirements of the jurisdiction. The bond covers any financial losses to the estate due to dishonest or improper acts by the administrator. An administrator is appointed to handle the estates of individuals who died without a will, had a will but not an executor, or in cases when the executor has died, been removed from the case or has declined to serve.
Generally, a specified amount that employers will pay to employees as reimbursement for various expenses. Per diem payments usually assume a set dollar limit, such as $30 per day for meals or $100 per day for lodging. These payments are usually made for employee travel expenses. Per diem payments are usually counted as nontaxable income to employees, up to a certain amount, and any excess reimbursement is included in box 12 of the W-2 form. The IRS allows a preset amount to be excluded from taxation for each type of per diem expense.
A type of annuity distribution structure that gives the annuitant periodic income payments for the rest of his or her life, or a specified period of time. This is different than the systematic withdrawal method, with which the annuitant chooses the amount he or she would like to receive each month, which he or she receives until the amount in the account runs out. Upon annuitization of his or her account, the annuitant effectively converts the entire savings in the account into an income stream. If he or she choses the life option, the income stream is guaranteed by the insurance company to last the rest of the annuitant's life, even if he or she should live much longer than originally expected. Of course, the risk in chosing the life option is that, should the annuitant die sooner than expected, he or she will not receive all of value of the annuity account - the insurance company gets to keep the remainder of the account upon the annuitant's death. Most annuities, however, offer period-certain options or spousal coverage, which can reduce the risk of the annuitant's funds not being sufficiently paid out because of an earlier-than-expected death.
Tax an employer withholds and/or pays on behalf of their employees based on the wage or salary of the employee. In most countries, including the U.S., both state and federal authorities collect some form of payroll tax. Governments use revenues from payroll taxes to fund such programs as Social Security, healthcare, unemployment compensation, worker's compensation and sometimes local governments even require a small tax to maintain and improve local transportation. On an employee pay stub, payroll taxes deducted are likely to be itemized.
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