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
- SALT DeductionA deduction for state and local taxes paid, including income and property taxes, subject to a yearly cap.
- WithholdingMoney your employer takes out of each paycheck and sends to the government toward your expected tax bill.
- Filing StatusA category based on your marital and household situation that affects your tax rates, deductions, and eligibility.
- Tax ReturnThe annual form you file to report income, claim deductions and credits, and settle up what you owe or are owed.
- Marginal Tax RateThe tax rate applied to your last dollar of income, meaning the rate on your highest bracket.
More in Taxes
1099Adjusted Gross Income (AGI)Alternative Minimum Tax (AMT)Capital Gains TaxChild Tax CreditDependent
Plain-English education — not personalized legal, tax, or investment advice.