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Internal Revenue Code of 1986

The main body of federal tax laws in the United States.

Tax Credit

A direct reduction in the amount of tax owed, often more valuable than a deduction.

Tax Refund

Money returned to a taxpayer when they have paid more in taxes than they actually owe for a given year.

Taxable Year

The annual accounting period for keeping records and reporting income and expenses for tax purposes, typically January 1 to December 31 for most individuals.

Wages

Money earned by an employee for work performed, typically paid on an hourly, daily, or salary basis.

Section 3101

The part of the Internal Revenue Code that imposes the Federal Insurance Contributions Act (FICA) tax, which includes Social Security and Medicare taxes, on employees.

Section 1402(g)

The part of the Internal Revenue Code that currently allows self-employed individuals from certain religious faiths to be exempt from Social Security and Medicare taxes.