Financial Glossary
Definitions of common financial and tax terms to help you understand your paycheck and taxes.
Showing 2 of 20 terms in Tax starting with "S"
Social Security Tax
TaxA federal payroll tax that funds the Social Security program. The rate is 6.2% on earnings up to a certain wage base limit ($168,600 for 2024).
Standard Deduction
TaxA fixed dollar amount that reduces your taxable income. Taxpayers can choose to take the standard deduction or itemize deductions, whichever is greater.