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Deductive reasoning. Deductive reasoning is the process of drawing valid inferences. An inference is valid if its conclusion follows logically from its premises, meaning that it is impossible for the premises to be true and the conclusion to be false. For example, the inference from the premises "all men are mortal" and " Socrates is a man" to ...
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 ...
Alternative minimum tax calculation. Each year, high-income taxpayers must calculate and then pay the greater of an alternative minimum tax (AMT) or regular tax. The alternative minimum taxable income (AMTI) is calculated by taking the taxpayer's regular income and adding on disallowed credits and deductions such as the bargain element from incentive stock options, state and local tax ...
It is also the maximum amount of covered wages that are taken into account when average earnings are calculated in order to determine a worker's Social Security benefit . In 2020, the Social Security Wage Base was $137,700 and in 2021 was $142,800; the Social Security tax rate was 6.20% paid by the employee and 6.20% paid by the employer. [1 ...
Chinese: Higher Education Press. The Course of Theoretical Physics is a ten-volume series of books covering theoretical physics that was initiated by Lev Landau and written in collaboration with his student Evgeny Lifshitz starting in the late 1930s. It is said that Landau composed much of the series in his head while in an NKVD prison in 1938 ...
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).
Tax-free commuter benefits, also known as qualified transportation fringes, are employer provided voluntary benefit programs that allow employees to reduce their monthly commuting expenses for transit, vanpooling, bicycling, and work-related parking costs. The benefit is a federal tax benefit authorized under the Internal Revenue Code Section ...
The United States federal state and local tax (SALT) deduction is an itemized deduction that allows taxpayers to deduct certain taxes paid to state and local governments from their adjusted gross income. The SALT deduction intent is to avoid double taxation by allowing taxpayers to deduct state and local taxes from their federal income.