Married Filing Jointly means:
a filing-status option for married couples who agree to report their combined income and deductions. In a Married Filing Joint filing status, the taxpayer is married and both he/she and his/her spouse agree to file a joint return. (On a joint return, the […]
Medicare Tax means:
the hospital insurance portion of the tax assessed on compensation and self-employment earnings under the Federal Insurance Contributions Act. Medicare tax is an amount paid by individuals during the period in which they earn wages for purposes of providing them with […]
Description and Definition of Marginal Tax Rate The amount of each extra dollar of income that has to be paid in income tax. Resources See Also Further Reading Marginal Tax Rate in the West's Tax Law Dictionary Marginal Tax Rate in "A Dictionary of Taxation"
Marketable Securities means:
securities that are easily sold. On a corporation's balance sheet, they are assets that can be readily converted into cash for example, government securities, banker's acceptances, and commercial paper. See: Quoted securities. Description and […]
Mutual Fund means:
a type of regulated investment company that raises money from shareholders and invests it in stocks, bonds, options, commodities, or money market securities. Mutual fund is a regulated investment company generally created by pooling funds of investors to allow them to […]
Mid-quarter Convention means:
a convention whereby property is deemed to be placed in service at the midpoint of a quarter for depreciation purposes. In general, business property is depreciated under a midyear rule that allows half a year's depreciation for the first year, whether […]
Description and Definition of Medical Savings Account (MSA) A tax favored medical savings account (MSA) is intended to help the self-employed and employees of certain small businesses that employ 50 or fewer workers save for and pay their medical expenses that are not covered by health […]
Miscellaneous Itemized Deductions means:
job expenses and other miscellaneous expenses that are deductible by individual taxpayers but are not categorizable as medical expenses, taxes, interest, charitable contributions, casualty and theft losses, or moving expenses. Most miscellaneous […]
Married Filing Separately means:
a filing status option for married couples in which each spouse wishes to be responsible only for his or her individual tax return. In noncommunity property states, each taxpayer would report only his or her own income and deductions. In community property […]
Master Limited Partnership means:
a limited partnership in which partnership interests are issued to a "master" limited partner who arranges the sale of the partnership units to the public. Similar to regular limited partnerships, but MLPs shares are traded on the major […]