- Sales Tax
- A tax on retail products, goods, and services. It is based on a certain percentage (generally set by the state) of the price.
- Scholarship
- Money awarded for educational purposes. Scholarship funds used to
pay for qualified expenses such as tuition, required fees, books, and
supplies are generally considered nontaxable income.
- Self-Employment Tax
- The tax paid by self-employed taxpayers to support Social Security
and Medicare. The self-employment tax rate in 2010 is 15.3% of
self-employment profit.
- SEP (Simplified Employee Pension)
- A retirement plan designed for self-employed taxpayers. Contributions are generally tax deductible.
- Severance Pay
- Also called Separation Pay. Money and/or benefits given to a
laid-off or retiring employee upon termination of employment. Severance
is generally considered taxable income.
- Short Sale (Real Estate)
- When a home is sold for an amount that falls short of the amount still owed on the home's mortgage.
- Short Sale (Stocks)
- When someone borrows shares of stock and sells them in the hopes
that the stock's price will fall before the original loan must be
repaid.
- SIMPLE (Savings Incentive Match Plan for Employees)
- An employer-sponsored retirement plan designed for employees of
small businesses (but also available to self-employed taxpayers).
Contributions are generally tax deductible and up to 3% of contribution
amounts are generally matched by the employer.
- "Sin Tax"
- An excise tax attached to certain goods, collected at the point of sale, intended to discourage their use (such as cigarettes and alcohol).
- Single
- A filing status claimed by those who are unmarried, divorced, or
legally separated and who do not qualify for Head of Household status.
- Standard Deduction
- A specific amount that differs by filing status. You may deduct this amount from your taxable income if you do not itemize deductions.
- Standard Mileage Rate
- A specific amount per mile driven for business, charitable, or medical purposes, which may be deducted form your taxable income.
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