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Today's Terms
Estate and Gift Tax
Definition:
One of the oldest and most common forms of taxation is the taxation of property held by an individual at the time of their death. Such a tax can take the form, among others, of estate tax (a tax levied on the estate before any transfers). An estate tax is a charge upon the decedent's entire estate, regardless of how it is disbursed.
Earned Income Credit
Definition:
A tax credit for certain people who work, meet certain requirements, and have earned income under a specified limit.
Federal Insurance Contributions Act (FICA) Tax
Definition:
Provides benefits for retired workers and their dependents as well as for disabled workers and their dependents. Also known as the Social Security tax.
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