Category: S

  • Self Employed Person

    Description and Definition of Self Employed Person An individual who operates a trade, business, or profession as a proprietor or independent contractor. Self employment income is reported on Schedule C. Resources See Also Further Reading Self Employed Person in the West's Tax Law […]

  • Severance Pay

    Severance Pay means:an income bridge provided by some employers for employees going from employment to unemployment. Severance pay is taxable in the year received. Description and Definition of Severance Pay Money paid by an employer at the end of employment. Severance pay is taxable. […]

  • Scholarship

    Description and Definition of Scholarship Monies granted by an organization to a student for tuition and other educational expenses. Grants to degree candidates receive tax free treatment if awarded after August 16, 1986, and used for tuition and course related expenses. Room and board […]

  • Section 1231 Property

    Description and Definition of Section 1231 Property Long term depreciable property used in a trade or business such as equipment, vehicles, and rental real estate. Provided Section 1231 assets are held for the required period of time capital gain treatment is available on a profit upon the […]

  • Social Security Number

    Social Security Number means:an identifying number for the individual that is furnished by the Social Security Administration rather than the U.S. Internal Revenue Service. A social security number is required for every individual taxpayer and dependent. It is the counterpart of the […]

  • Seizure

    Seizure of Residence or Business Issue You may find information about Seizure of Residence Or Business in this Tax Platform of the American Encyclopedia of Law.

  • Self-Employment Tax

    Self-employment Tax means: a provision for Social Security (old-age, survivor's and disability insurance) and Medicare hospital insurance for self-employed individuals.Self-employment tax is similar to Social Security and Medicare taxes. It is an amount of tax paid by a taxpayer who is […]

  • Stock Option

    Stock Option may have one of the following meanings, depending the context of the term: 1. the right to purchase or sell a stock at a specified price within a stated period. Options are a popular investment medium, offering an opportunity to hedge positions in other securities, to speculate in […]

  • Separate Return

    Description and Definition of Separate Return A return filed by a married person who does not file a joint return with their spouse. Depending on each spouses income and deductions filing separately may save taxes, but certain tax benefits are lost. Resources See Also Further Reading Separate […]

  • Social Security

    Description and Definition of Social Security The U.S. Government run retirement plan. Social Security Act of 1983 Issue You may find information about Social Security Act of 1983 in this Tax Platform of the American Encyclopedia of Law. Resources See Also Further Reading Social Security in […]