A fuller guide to this term is on the way. In the meantime, the related terms below explain the ideas around it.
Related MoneyPedia terms
- Child Tax CreditA tax credit for parents that reduces what they owe for each qualifying child under a certain age.
- Filing StatusA category based on your marital and household situation that affects your tax rates, deductions, and eligibility.
- Earned Income Tax Credit (EITC)A refundable credit for low-to-moderate income workers that grows with earnings up to a limit, then phases out.
- Tax ReturnThe annual form you file to report income, claim deductions and credits, and settle up what you owe or are owed.
- Taxable IncomeThe portion of your income left after deductions that the government actually applies tax rates to.
More in Taxes
1099Adjusted Gross Income (AGI)Alternative Minimum Tax (AMT)Capital Gains TaxDividend TaxEarned Income
Plain-English education — not personalized legal, tax, or investment advice.