Flashcards
Federal Income Taxes- Individual (BUS 419) Chapter 5 Key Terms
Cards in this deck (7)
- 1accelerated death benefitsEarly receipt of life insurance proceeds that are not taxable under certain circumstances, such as the taxpayer is medically certified with an illness that is expected to cause death within 24 months
- 2accountable planAn employer's reimbursement plan under which employees must submit documentation supporting expenses to receive reimbursement and reimbursements are limited to legitimate business expenses
- 3accrual methodA method of accounting that generally recognizes income in the period earned and recognizes deductions in the period that liabilities are incurred
- 4alimonyA support payment of cash made to a former spouse. The payment must be made under a written separation agreement or divorce decree that does not designate the payment as something other than alimony, the payment must be made when the spouses do not live together, and the payments must cease no later than when the recipient dies.
- 5annuityA stream of equal payments over time
- 6assignment of income doctrineThe judicial doctrine holding that earned income is taxed to the taxpayer providing the service, and that income from property is taxed to the individual who owns the property when the income accrues
- 7barter clubsOrganizations that facilitate the exchange of rights to goods and services between members
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- Description
- These flashcards are for Federal Income Taxes- Individual and the flashcards consist of the key terms from Chapter 5.
- Created by
- Lucille Lamberson
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