Tag: SI
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Simplified Employee Pension Plan
About Simplified Employee Pension Plan: The Simplified Employee Pension (SEP) Plan is a type of pension plan to which an employer may contribute an amount not to exceed the smaller of 15% of compensation or $30,000 per individual. Former IRC (check if this IRC provision is current here) […]
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Single
Description and Definition of Single Your filing status if you are unmarried December 31st and do not qualify to file as a Head of Household or Qualifying Widow(er) with a Dependent Child. Resources See Also Further Reading Single in the West's Tax Law Dictionary Single in "A […]
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Sin Tax
About Sin Tax: A tax on goods such as tobacco and alcohol. See repressive tax….
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Single-factor Sales Apportionment Formula
Single-factor Sales Apportionment Formula means:a formula that uses sales as the only factor in apportioning total federal business income for out-of-state entities to determine the tax due a particular state. Currently, only Iowa, Nebraska, and Texas require the single-factor formula….
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Simplified Service Cost Method
Simplified Service Cost Method means:a method used to calculate the amount of certain indirect costs that must be allocated to inventory under the uniform capitalization rules. The simplified service cost method provides for the allocation of administrative, support, and service costs that direc…
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Simplified Production Method
Simplified Production Method means:a method used to account for additional costs allocated to inventory under the uniform capitalization rules. The simplified production method can be used for: 1. stock in trade or other property properly included in ending inventory, 2. property held primarily …
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Simplified Dollar Value Lifo
Simplified Dollar Value Lifo means:a method of pricing last in, first out inventories by establishing multiple pools in accordance with general categories set forth in applicable government price indexes. Changes in the published indexes are used to estimate the annual changes in prices for inve…
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Single Taxpayer
Single Taxpayer means:a person who is not married on the last day of the tax year. A taxpayer who is legally separated from his or her spouse under a decree of divorce or separate maintenance is deemed to be single for tax purposes unless the sole purpose of the divorce is tax-motivated. An indi…
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Simple Trust
Simple Trust means:a trust that is required, by the terms of its creation or under state law, to distribute all of its income currently. A simple trust is allowed a $300 standard deduction. Former IRC (check if this IRC provision is curr…
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Signing Bonus
Signing Bonus means:an inseverable part of the cost of obtaining a sports player's services. The team may begin claiming depreciation deductions for the signing bonus as soon as the necessary signatures are affixed to the contract. Former Revenue Ruling</…