MoneyU Glossary of Terms


MoneyU Glossary of Terms


Browse the glossary using this index

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T

Take Home Pay

The amount of money you earn after all deductions.

Tax credit

An amount that a taxpayer who meets certain criteria can subtract from tax owed. Examples include a credit for earned income below a certain limit and for qualified post-secondary school expenses. (See Tax deduction and Tax exemption.)

Tax deduction

An expense that a taxpayer can subtract from taxable income. Examples include deductions for home mortgage interest and for charitable gifts. (See Tax credit and Tax exemption.)

Tax exemption

Earnings, such as interest from municipal bonds, that are free of certain taxes. (See Tax credit and Tax deduction.)

Tax-Deferred Earnings (Investment)

Earnings on which taxes are not paid until a future date, usually when funds are withdrawn. The TSP and traditional IRAs are examples of vehicles that offer tax-deferred earnings.

Tax-Exempt Earnings

Earnings on which taxes are never paid. Roth IRAs and municipal bonds are examples of vehicles that offer tax-exempt earnings.

Taxable Income

Any money you earn or receive - such as salary, bonuses or interest from investments - that can be taxed by the Federal, state, or local government.

Taxes

A compulsory payment by individuals/organizations to the government; fees placed on income, prop­erty, or goods to support government programs.

Tenancy By The Entireties

Very similar to joint tenancy with right of survivorship. This form of ownership can exist only between married couples. It is not available in all states. It prevents the creditors of one spouse from taking one-half of the property to settle a debt.

Tenancy In Common

Ownership by more than one person so that when one owner dies, his or her ownership share passes to the person's heirs or beneficiaries, and not automatically to other tenants. Compare to joint tenancy with right of survivorship and tenancy by the entireties.

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