The Law Dictionary for Everyone
The term de minimis is a Latin expression that translates roughly to “pertaining to minimal things.” In the U.S. legal system, the term is used to refer to certain facts or issues that are so minor as to be undeserving of the court’s attention. In addition, de minimis is relevant to certain bond and securities income, as well as employee […]
Read moreFollowing is the case brief for NFIB v. Sebelius, 132 S. Ct. 2566 (2012). Case Summary of NFIB v. Sebelius: Petitioners challenged the constitutionality of the Patient Protection and Affordable Care Act (ACA). Petitioners found fault with the ACA’s “individual mandate” (requiring people to obtain minimum health coverage), and “Medicaid expansion” (requiring States to cover more individuals under Medicaid). The Eleventh […]
Read moreAn excise tax is an indirect tax, usually paid by the manufacturer or retailer of the product, then passed along in the price of the product to the consumer. For instance, goods such as cigarettes and alcohol are often taxed by the state or local authority, at a flat rate per item. This tax is added into the retail price, […]
Read moreOASDI is a tax term that stands for “Old Age Survivors, and Disability Insurance,” which is the legal name for the Social Security system in the United States. OASDI is a federal benefit program aimed at providing benefits to retired or disabled people and their survivors. Working taxpayers make payments into the OASDI program, and those payments are then issued […]
Read moreInheritance tax is an estate planning term that refers to a tax on property inherited on a person’s death. The person inheriting the money or property must pay the tax, which is levied by the state in which the heir lives, or where the real property resides. Inheritance taxes are state taxes, and only a few states still impose them. […]
Read moreAn “EIN” is an Employer Identification Number, also known as a “Federal Employer Identification Number,” (“FEIN”), or a “Tax Identification Number” (“TIN”). In the United States, an EIN is the business and corporate equivalent to the Social Security number. EINs are issued to any person, business, or other entity that pays employee withholding taxes. To explore this concept, consider the […]
Read moreA tax deduction is an amount subtracted from an individual’s or entity’s total income, thereby reducing the taxable income for that year. In the United States, the tax code allows certain specific expenses to be legally deducted from gross income, in order to decrease the tax burden on both individuals and businesses. To explore this concept, consider the following deduction […]
Read moreTax evasion in a crime in which an individual or entity intentionally underpays, or avoids paying, taxes. Every year, each citizen who has income and/or assets is required to file a tax return. Each year many people misrepresent how much money they earned, and claim deductions to which they are not entitled in an effort to keep their money away […]
Read moreA personal property tax is a levy imposed on a person’s property. The tax is levied by the jurisdiction where the property is located and it includes tangible property that is not real property. Tangible property includes movable man-made objects that have a physical form and can be seen and touched. Not every state requires personal property tax to be […]
Read moreA gift tax is a tax placed on property that is transferred from one person to another without the giver receiving something of equal value in return. The giver, not the receiver, of a gift is required by the IRS to file a gift tax return, and must pay any gift tax due, even if the transfer of property was […]
Read more
