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Because the 401(k) plans—widely provided to corporate employees—are limited in the amount that is tax-deductible to the employer and employee ($17,000 in annual contributions as of 2012, a small sum to top executives), executives are commonly provided with Supplemental Executive Retirement Plans (aka SERPs) (which are defined benefit ...
A flexible spending account (FSA) is an account that allows you to save pre-tax dollars and use them toward your medical and dependent care expenses. Many employers offer FSAs as a benefit. You ...
Tax expenditures (i.e., exclusions, deductions, preferential tax rates, and tax credits) affect the after-tax income distribution. The benefits from tax expenditures, such as income exclusions for employer-based healthcare insurance premiums and deductions for mortgage interest, are distributed unevenly across the income spectrum.
Gross income. For households and individuals, gross income is the sum of all wages, salaries, profits, interest payments, rents, and other forms of earnings, before any deductions or taxes. It is opposed to net income, defined as the gross income minus taxes and other deductions (e.g., mandatory pension contributions).
An HSA is an account you can use to save for your healthcare expenses. You can set aside pretax money in your HSA and then use it to pay for medical expenses such as deductibles or copayments ...
The Employee Retirement Income Security Act of 1974 ( ERISA) ( Pub. L. 93–406, 88 Stat. 829, enacted September 2, 1974, codified in part at 29 U.S.C. ch. 18) is a U.S. federal tax and labor law that establishes minimum standards for pension plans in private industry. It contains rules on the federal income tax effects of transactions ...
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You could receive a $480 refund ($1,200 * 0.4). That American opportunity tax credit applies to 100% of the first $2,000 in qualified spending. Then, you can claim an additional 25% of any ...