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Reference

Tax Glossary

Plain-English definitions of every tax term you need for the 2026 filing season, including the new OBBBA deductions for tips, overtime, and seniors.

A

Above-the-Line DeductiondeductionsAddbackstateAdditional Medicare TaxpaycheckAdjusted Gross Income (AGI)deductions

C

Capital Gainsinvestment

E

Effective Tax RatepaycheckEffective vs Marginal Tax RatepaycheckEstimated Taxretirement

F

FICApaycheckFiling StatuspaycheckFlat TaxpaycheckFPL Percentagehealthcare

G

Gross Receipts Taxstate

H

Head of Householdpaycheck

I

Itemized Deductiondeductions

L

Long-Term Capital Gainsinvestment

M

Modified Adjusted Gross Income (MAGI)deductionsMAGI Phase-OutOBBBA 2026Marginal Tax RatepaycheckMarried Filing SeparatelypaycheckMedicare Taxpaycheck

O

Overtime PremiumOBBBA 2026

P

Per-Taxpayer vs Per-ReturnOBBBA 2026Phase-OutdeductionsPremium Tax CredithealthcareProgressive Taxpaycheck

Q

Qualified Overtime CompensationOBBBA 2026Qualified TipsOBBBA 2026

R

Required Minimum Distribution (RMD)retirement

S

Safe HarborretirementSALT Cap Phase-DownOBBBA 2026Schedule 1-AOBBBA 2026Self-Employment TaxpaycheckSenior Bonus DeductionOBBBA 2026Short-Term Capital GainsinvestmentSocial Security TaxpaycheckStandard DeductiondeductionsState ConformitystateSubsidy CliffhealthcareSupplemental Withholdingpaycheck

T

Tax Bracketpaycheck

W

W-2 Code TPOBBBA 2026W-2 Code TTOBBBA 2026Wage BasepaycheckWithholdingpaycheck

Z

Zero Bracketpaycheck