JRR

Federal Income Taxes

Federal Income Taxes

A tax on annual earnings for individuals, businesses, and other legal entities

Withdrawal Allowance

Amount of purchase payments subject to a withdrawal charge that may be withdrawn each contract year without incurring a withdrawal charge as described in the contract schedule

tax exemption

the right to exclude all or some income from taxation by federal or states governments

Graduated Income

Tax brackets where tax rates increase as income increases

Social Security

Tax that pays for retirement benefits, disability benefits, and survivor's benefits that are paid to retired workers, disabled people, widows, and orphaned children

Medicare

Tax that pays for retirement benefits, disability benefits, and survivor's benefits that are paid to retired workers, disabled people, widows, and orphaned children

Group insurance

A type of life insurance in which a single contract covers an entire group of people

Net pay

Take-home pay or the amount employees earn after all payroll deductions are subtracted from their gross pay

Claim

Entitles a creditor to receive a payment, or payments, from a debtor in circumstances specified in a contract between them

Percent

By a specified amount in or for every hundred

Income

Money received, especially on a regular basis, for work or through investment

Require

Need for a particular purpose

Medical

Relating to the science of medicine, or to the treatment of illness and injuries

Community

A group of people living in the same place or having a particular characteristic in common