Teachers Insurance and Annuity Association (TIAA)
Key takeaways – TIAA (originally TIAA-CREF) is a financial services organization founded in 1918 to provide retirement and insurance products primarily to people who…
Taxpayer
Summary A taxpayer is any person or business legally required to pay taxes to federal, state, or local governments. Individuals and businesses fund government…
Taxes
Key takeaways – Taxes are mandatory levies imposed by federal, state, and local governments to fund public goods and services (roads, schools, Social Security,…
taxable wage base
The taxable wage base (often called the Social Security wage base) is the maximum amount of an employee’s earnings in a calendar year that…
Taxable Income
Key takeaways – Taxable income is the portion of your gross income used to determine how much federal income tax you owe. – Taxable…
Tax-Free Savings Account (TFSA)
Summary A Tax-Free Savings Account (TFSA) is a registered Canadian account that allows eligible residents to hold cash and many types of investments while…
tax shelter
A tax shelter is any strategy, vehicle, or transaction that reduces current or future tax liability. Shelters can be perfectly legal (tax-advantaged accounts, deductible…
tax return
A tax return is the formal summary you file with a tax authority (in the U.S., the IRS and often a state tax agency)…
Tax Refund
Introduction A tax refund is the money the government returns to a taxpayer who paid more in taxes during the year than they ultimately…
Tax Rate
Key takeaways – A tax rate is the percentage of income or value that a taxpayer must pay to a government. – The U.S.…