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Small Business Tax
Information and Employment Taxes
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Terms & Definitions - Q
| Term |
Definition |
| Qualified Charitable
Organization |
An entity, usually an
association or nonprofit corporation, designed to
provide some form of public charity or service
and specifically approved by the U.S. Treasury as
a recipient of deductible charitable
contributions. |
| Qualified Pension or
Profit-Sharing Plan |
An employer-sponsored
plan that meets the requirements of IRS Code
section 401. If these requirements are met, none
of the employer's contributions to the plan are
taxed to the employee until distributed to him.
The employer is allowed a deduction in the year
the contributions are made. |
| Qualifying Widow(er) |
The filing status
available to a qualified taxpayer for two tax
years following the year of the spouse's death.
To qualify, the surviving spouse must have been
entitled to file a joint return for the year of
death, remain unmarried at the end of the current
tax year, and pay over half the cost of
maintaining his or her home, which was the
principal residence the entire tax year of his or
her dependent child. |
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