Tax

Category: S

  • Statutory Employee

    Statutory Employee means:an individual who is not an employee under common law rules but falls into one of the following categories: • an agent or commissioned driver. • a full-time life insurance salesperson. • an individual who works at home with materials or goods and […]

  • Short Form

    Short Form means:any of certain federal income tax forms, such as Former Federal Tax Form (check here if the Form is current) 1040A and Former Federal Tax Form (check here if the Form is current) 1120A, that provide less detailed reporting for taxpayers meeting the filing requirements […]

  • Stock Split

    Description and Definition of Stock Split There are two types of stock splits – forward splits and reverse splits. Forward splits increase the number of shares outstanding. For instance, in a Forward Split, if a stock splits 2-for-1, and you hold 1 share before the split, after the split you […]

  • Self Employment

    Seca (Self Employment Contribution Act of 1954) Issue You may find information about Seca (Self Employment Contribution Act of 1954) in this Tax Platform of the American Encyclopedia of Law.

  • Sole Proprietorship

    Sole Proprietorship means: a business or financial venture that is carried on by a single person and is not a trust or corporation. A sole proprietor (sole owner) has unlimited liability. Schedule C of Former Federal Tax Form (check here if the Form is current) 1040 is used to report the […]

  • Social Security Tax

    Social Security Tax means:the old-age, survivors, and disability (OASDI) portion of the tax assessed on compensation and self-employment earnings under the Federal Insurance Contributions Act. Social Security tax is an amount paid by individuals during the period in which they earn wages […]

  • Student Loan Interest

    Description and Definition of Student Loan Interest Interest on college loans can be deducted as an adjustment to income. To qualify for the deduction the debt had to be incurred to pay higher education expenses for you, your spouse, or your dependent. Resources See Also Further Reading […]

  • S Corporation

    S Corporation means:a business entity (like a corporation or company) with a limited number of stockholders (35 or fewer) that elects not to be taxed as a regular (C) corporation and meets certain other requirements. A small business corporation for which an election is in effect. […]

  • Straddle

    Description and Definition of Straddle A stock market strategy of investing in opposite investment positions to protect yourself from a risk of loss. Resources See Also Further Reading Straddle in the West's Tax Law Dictionary Straddle in "A Dictionary of Taxation"

  • Support Test

    Support Test is. one of five tests for claiming a person as a dependent. For dependency test purposes, support includes food, clothing, shelter, education, medical and dental care, recreation, and transportation. It also includes welfare, food stamps, and housing provided by the state. Support […]