A tax on annual earnings for individuals, businesses, and other legal entities
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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Amount of purchase payments subject to a withdrawal charge that may be withdrawn each contract year without incurring a withdrawal charge as described in the contract schedule
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tax exemption
the right to exclude all or some income from taxation by federal or states governments
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Graduated Income
Tax brackets where tax rates increase as income increases
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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
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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
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Group insurance
A type of life insurance in which a single contract covers an entire group of people
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Net pay
Take-home pay or the amount employees earn after all payroll deductions are subtracted from their gross pay
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Claim
Entitles a creditor to receive a payment, or payments, from a debtor in circumstances specified in a contract between them
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Percent
By a specified amount in or for every hundred
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Income
Money received, especially on a regular basis, for work or through investment
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Require
Need for a particular purpose
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Medical
Relating to the science of medicine, or to the treatment of illness and injuries
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Community
A group of people living in the same place or having a particular characteristic in common
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