10/19/2017

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Tax Definitions

Tax Definitions
Tax Definitions A
Tax Definitions B
Tax Definitions C
Tax Definitions D
Tax Definitions E
Tax Definitions F
Tax Definitions G,H
Tax Definitions I
Tax Definitions J,K,L
Tax Definitions M
Tax Definitions N,O
Tax Definitions P,Q
Tax Definitions R
Tax Definitions S
Tax Definitions T
Tax Definitions U,V,W

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Tax Definitions and Terms (U,V,W)

Underpayment of Tax (Form 2210): Form used to compute or to escape tax penalties due to casualty, disaster, or other unusual circumstances.

Unemployment Compensation: Compensation to individuals who are laid off or has lost employment for other reasons. Unemployment Compensation is taxed in the year it is received.

Unemployment Tax: A sum that is deducted from income to provide compensation to employees if they become unemployed.

Unqualified Deductions: Deductions on individual incomes, and tax shelter losses, large donations to charity that don't match income, prior audits, and excessive business expenses are red flag causes for audits by the IRS.

Useful Life: The amount of time that a depreciable asset is expected to be used.

U.S. Treasury Bills: Short term investment instruments issued by the United States government at a discount in which interest is reported in the year of maturity.

Vacation Home: A second home that is used for rest and relaxation.

Value: In the real estate market, value is the worth of property in monetary terms.

Wage: The price paid for labor. The compensation individuals receive for time and effort spent in the production of goods and services.

Wage Levy: A legal avenue used by taxing authorities like the IRS, states, or cities, to attach wages, salaries, commissions, or other forms of income to collect unpaid tax.

Wage Levy Notice: Notice given to an employer to take a portion of an employee's wages to pay outstanding tax liabilities.

Withholdings: An amount taken from an individual's income to prepay tax liability for the year.

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