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What is Taxable Income?

Taxable income is the amount of income subject to income taxes that is calculated by subtracting eligible deductions (such as IRA contributions, alimony payments, unreimbursed business expenses, some capital losses, etc.) from adjusted gross...

What is a Will?

A will is a legally enforceable declaration directing the distribution of an individual's assets upon her/his death. A "living will" typcially specifies medical directives and identifies power of attorney in the event of terminal illness or...

What is Withholding (taxes)?

Withholding (taxes) is an amount of an employee's income that an employer sends directly to the federal, state, or local tax authority as partial payment of that individual's tax liability for the year. When a person starts a new job, he/she is...

What is a Portfolio?

A portfolio is a collection of investments all owned by the same individual or entity. A portfolio typcially includes some combination of stocks, bonds, mutual or exchange-traded funds, commodities, real estate and cash.    See Also: Peek Inside...

What is Estate Planning?

Estate planning is the preparation of a personalized plan to manage an individual's or family's assets before and/or after death that can include drafting wills and trusts and gifting and wealth transfer strategies to minimize estate taxes and...

Consulting and fees: what to charge?

  On Friday, we got a question from a reader: Dear DailyWorth, I'm bidding on a consulting project as usual can’t figure out how much money to ask for or how to ask for it. The client threw out a range and I didn’t ask him exactly how he came to...

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