Is the deferred pay subject to Medicare tax
Agile Checklist:The following Agile Checklist gives you a quick review of the agile methodology, its advantages and limitations and allows you to understand the basic steps of this PM methodology. Agile Checklist
a talent: An employee that is assigned to a Talent Group
ABATEMENT: - A reduction in the assessment of tax, penalty or interest when it is determined the assessment is incorrect
ABUSE OF LAW -: The doctrine which allows the tax authorities to disregard a civil law form used by the taxpayer which has no commercial basis
ACCELERATED DEPRECIATION -: Method of depreciation under which taxpayers may allocate larger depreciation deductions to the first year or first few years of useful business assets, such as plant and machinery
Account balance: The amount held in an account at the end of a reporting period. For example, a credit card account balance would show the amount owed to a lender as a result of purchases made during a specific period.
Accountability System: A system that contributes to agency performance by monitoring and evaluating the results of its human capital management policies, programs, and activities; by analyzing compliance with merit system principles; and by identifying and monitoring necessary improvements.
ACCOUNTING BASE: - Method of calculating amounts subject to income tax and VAT. In respect of VAT, tax would be computed as a percentage levy on the excess of sales over purchases. This is a theoretical concept and no country uses it.
ACCOUNTING PERIOD:- A period of time used by taxpayer for the determination of tax liability
ACCOUNTING RECORDS-: All documents and books used in the preparation of the tax return and all financial statements, including general ledger, subsidiary ledgers, sales slips, and invoices.
ACCOUNTS PAYABLE:- A list of the debts currently owed by a person or business, mainly for the purchase of services, inventory, and supplies
ACCOUNTS RECEIVABLE: - A list of the money owed on current account to a creditor, which is kept in the normal course of the creditor's business and represents unsettled claims and transactions
Accredited Education: Education above the high school level completed in a U.S. college, university, or other educational institution that has been accredited by one of the accrediting agencies or associations recognized by the Secretary, U.S. Department of Education.
ACCRUAL BASIS (ACCRUAL METHOD): - An accounting method whereby income and expense items are included in taxable income or expense as they are earned or incurred, rather than when they are received or paid
Acquisition: The part or whole procurement of one company by another
Acquisition finance: Funding which is deployed to support an acquisition or series of acquisitions, which can be in the form of debt or equity.
Action learning: Project-based learning directed at important business problems, where the participant works alone, or with cohorts, on a real business challenge while analyzing and discussing progress and lessons learned.
Active: Family members working on the farm or in the agribusiness.
Ad colligenda bona: - Latin phrase which describes a person to whom the court has made a limited or temporary grant of letters of administration for the purpose of collecting the property or part of the property of a deceased person where that property is of a perishable or precarious nature or where a regular administration cannot be granted at once. The function of this type of grant is to protect the asset from wasting; to enable an administration of such an asset, because if not dealt with it may deteriorate or diminish in value before an application for a grant of probate or letters of administration can be made in a timely and orderly way.
AD VALOREM TAX: - A tax on goods or property expressed as a percentage of the sales price or assessed value
ADDIE: is an instructional systems design model. It is composed of five phases: • Analysis is the process of gathering data to identify specific needs — the who, what, where, when, and why of the design process. • Design is the planning stage. • Development is the phase in which training materials and content are selected and developed based on learning objectives. • Implementation occurs when the course is delivered, whether in person or electronically. • Evaluation is the ongoing process of developing and improving instructional materials based on feedback received during and after implementation.
Ademption -: Latin origin meaning taking away. In succession law if a gift specified in a will doesn’t exist when the will-maker dies, the person named to receive it gets nothing because the gift has been taken away or in other words, taken out of the will.
Adjustable-Rate Mortgage (ARM): A mortgage with an interest rate that is adjusted periodically based on an index. Adjustable-rate mortgages generally have lower initial interest rates than fixed-rate mortgages because the lender is able to transfer some of the risk to the borrower; if prevailing rates go higher, the interest rate on a variable mortgage may adjust upward as well.
Adjusted Gross Income (AGI): An interim calculation in the computation of income tax liability. It is computed by subtracting certain allowable adjustments from gross income.
ADMINISTRATIVE COMPANY: - See: Service company
ADMINISTRATIVE EXPENSES: - Expenses that are not as easily associated with a specific function as are the direct costs of manufacturing and selling. It typically includes expenses of the headquarters office and accounting expenses.
ADMINISTRATIVE OFFICE: - Office frequently located in a country other than that of the headquarters office, the parent company or country of operation.
Administrator: - A person identified in a will or appointed by a court to carry out the instructions found in a will. Depending on the state, this may be referred to as the executor or personal representative.
Administrator -: a person appointed by the Supreme Court to administer a deceased estate when the deceased has not left a will, or if they have for some reason the nominated executor is unable to or does not wish to act.
Administrator cta -: cta is the short form of the Latin phrase cum testamento annexo. It means 'with the will annexed'. In situations where the will is incomplete, for example it maybe that no executor was named, the appointed executor has since become incapacitated, or does not wish to act as executor, an application may be made to the Probate Court to appoint someone else. If the Probate Court approves, it grants what is called ‘letters of administration with the will annexed’, sometimes written as Letters of Administration cta ’. The Probate Court is a specialist division of the Supreme Court, in each state and territory, and usually has its own registry office.
Adult Learning Theory: is a term that encompasses the collective theories and principles of how adults learn and acquire knowledge. Popularized by Malcolm Knowles, adult learning theory provides the foundation that training and development professionals need to meet workplace learning needs.
ADVANCE PRICING ARRANGEMENT (APA): - An arrangement that determines, in advance of controlled transactions, an appropriate set of criteria (eg method, comparables and appropriate adjustments. Critical assumptions as to future events) for the determination of the transfer pricing for those transactions over a fixed period of time. An advance pricing arrangement may be unilateral involving one tax administration and a taxpayer or multilateral involving the agreement of two or more tax administrations.
ADVANCE RULING: - A letter ruling, which is a written statement, issued to a taxpayer by tax authorities, that interprets and applies the tax law to a specific set of facts
ADVANCED ESTATE PLANNING: For people with large estates, the IRS can take as much as 50% in Federal Estate Taxes. The good news is estate taxes can be reduced or even eliminated through proper planning! But ONLY if you properly plan to avoid them!
Advanced health directive: - Also known as an advance care directive, living will and similar expressions. These documents are about recording individual preferences ahead of unforseen events such as an accident or terminal illness which may impair decision making capacity regarding treatment and end of life care.
Advisors: When you run a process and, hopefully, complete a PE deal there are raft of men in suits (with the very occasional woman) who “help”. As a group they are called Advisors. This group includes your Investment Bank your lawyers and the various due-diligence providers.Advisors produce two outputs: A huge raft of documents of varying quality attempting to explain your business, it's market, the opportunities and obstacles.A huge raft of bills of varying sizes (see "Deal Fees"). In my experience there is little correlation between the two outputs. The bigger your company is, the bigger “brand” people tend to want on the report then the bigger the bill tends to be.
Affective learning: is the acquisition of knowledge based on Benjamin Bloom’s taxonomy in which he identified three learning domains: cognitive (knowledge), affective (attitude), and psychomotor (skills). This taxonomy or classification of the processes of thinking and learning provides the framework for the creation of instructional strategies, materials, and activities used to improve individual workplace learning and performance. Affective refers to the learners ’outlook or mindset.
Affidavit -: a sworn written statement, that is a written statement made on oath by a person setting out the facts relevant to their case, and which becomes the evidence they rely on in court proceedings. It supports the issues in dispute. An affidavit can provide particulars of inquiries and investigations. The person making it (called a deponent) must swear or affirm that everything said in it is true before a person authorized by law to administer oaths. The word affidavit originated from Latin, meaning testimonium, evidence, testimony, proof.
Affidavit in support -: when an affidavit is used to support an application to a court for orders of some kind.
AFFILIATED COMPANIES: - General term used to describe the relationship between two or more companies linked by a common interest
AFFILIATION PRIVILEGE: - Tax relief or exemption accorded to dividend distributions made by a resident subsidiary company to its parent company which owns a certain minimum percentage of shares, in order to mitigate double taxation of such dividends.
Affinity, relationship of -: a related by marriage.
After-tax return: The return from an investment after the effects of taxes have been taken into account.
AGENCY: - A business that provides a particular service to a company (that are outside of the country where the agency is located). Dependent agency constitutes a permanent establishment for the other company and the income achieved through the agency is taxed on the income earned from the country where the agency is located whereas independent agency does not.
Agency Certification Program: A certification developed by an agency, group of agencies, or other group that demonstrates a person’s proficiency in the job-related competencies / KSAs. An agency certification program does not have to be recognized by a professional community.
Agent (Power of Attorney).: An agent, sometimes called an "attorney-in-fact" under a legal and financial power of attorney is a person you have designated to serve as your agent to manage your legal and financial affairs. An agent may be designated individually, or jointly, or jointly and severally, to act on your behalf presently or, alternatively, only in the event of your incapacity.
AGGREGATION: - Term used to denote the adding together of the taxpayer's income from all sources in order to determine the applicable tax rate for income tax purposes.
Aggressive Growth Fund: A mutual fund whose primary investment objective is substantial capital gains. The return and principal value of mutual funds fluctuate with changes in market conditions. Shares, when sold, may be worth more or less than their original cost. Investments seeking to achieve higher returns also involve a higher degree of risk. Mutual funds are sold by prospectus. Please consider the investment objectives, risks, charges, and expenses carefully before investing. The prospectus, which contains this and other information about the investment company, can be obtained from your financial professional. Be sure to read the prospectus carefully before deciding whether to invest.
Aka: - an abbreviation of ‘also known as’. Some people may be known more by a nickname or some other name than by the official one on their birth certificate. It is a good idea for those people to state this in addition to their proper name when making their will.
Alias: - see
ALIEN, TAX TREATMENT OF: - A person who is not a citizen of the country in which he or she lives. In general, most countries do not distinguish between nationals and aliens for tax purposes; rather tax liability is based on residence and / or domicile.
ALIENATION OF INCOME: - Term generally used to describe the transfer of the right to receive income from a source while not necessarily transferring the ownership of that source to the same person.
Alignment: The positioning of the human capital system's policies, practices, and strategies in relationship to the agency's strategic plan and performance plan, so what is done in the system is in direct support of the agency's mission, goals, and objectives.
ALLOCATION: - The apportionment or assignment of income or expense for various tax purposes, e.g., between permanent establishments in various jurisdictions
ALLOWANCE: -- Deduction or exemptions generally made in computing income taxes, inheritance and gift taxes and some forms of sales taxes.
Alternate valuation date: - A date exactly six months following the decedent’s date of death by which the personal representative may choose to revalue, for estate tax purposes, all assets held by the estate.
Alternative assets: A general term to describe non-traditional types of asset class, including private equity.
Alternative minimum tax: A method of calculating income tax that disallows certain deductions, credits, and exclusions. This was intended to ensure that individuals, trusts, and estates that benefit from tax preferences do not escape all federal income tax liability. People must calculate their taxes both ways and pay the greater of the two.
Alternative Minimum Tax (AMT): A method of calculating income tax with a unique set of rules for deductions and exemptions that are more restrictive than those in the traditional tax system. The AMT attempts to ensure that certain high-income taxpayers don't pay a lower effective tax rate than everyone else. To determine whether or not the AMT applies, taxpayers must fill out IRS Form 6251.
Ambulatory: - Often used in referring to the nature of wills, because a will may be changed or canceled at any time up until the willmaker dies, it does not have legal effect or force until the willmaker’s death.
AMORTIZATION: - Process of writing off the cost of an intangible asset over its useful life.
AMORTIZATION METHOD: - Method of computing a credit under a VAT regime where investment goods are purchased which have a useful life in the business for a period exceeding one year. The tax embodied in the price paid for the assets may be credited to the trader over a period of years corresponding to the life of the assets.
Analysis: is the breaking up and examining of parts of a whole. In workplace learning and performance, analysis is the process of determining the following: • Gap, which identifies the discrepancy between the desired and actual knowledge, skills, and performance, and specifies root causes. • Job, which identifies learners' workplace duties and responsibilities , and tasks done on a daily, weekly, monthly, or yearly basis. • Needs is the process of collecting and synthesizing data to identify how training can help an organization reach its goals. • Task is the process of identifying the specific steps that need to be taken to correctly perform a job function.
Ancillary probate -: Type of probate if decedent had real property in another state.
and Certification of Training: Governmentwide training form used to request, approve, and certify completion of training courses, conference, seminars, symposia and academic courses. It primary purpose is to document and track employee training, especially training paid with agency funds.
And others: Other diligence projects that also run in parallel include IT Due Diligence, Management Due Diligence, Sales Due Diligence and Insurance Due Diligence. They are normally thought of as the second level of diligence projects - less important. They cost less and the corresponding report tends to be poorer and significantly less useful. Quite often all of these diligence projects run concurrently and the PE firm is also still doing their own work as well. Everyone is working quickly trying to complete the deal by a deadline so you and your team will be under a barrage of questions every day. That's why PE processes are exhausting and hugely distracting to the management team. See post-deal slump.
Andragogy: (from the Greek meaning adult learning) is the method and practice of teaching adults. It was advanced by Malcolm Knowles, whose theory outlines five key principles of adult learning: self-concept, prior experience, readiness to learn, orientation to learning, and motivation to learn.
Annex, annexe: - to attach, add or append. For example in the Probate Registry of the Supreme Court of NSW documents are required to be attached by stapling together in the top left hand corner.
Annual exclusion -: The inflation-indexed annual amount that can be given to any individual or any number of individuals gift-tax-free. For calendar year 2017 the amount is $ 14,000.
Annual Percentage Rate (APR): The yearly cost of a loan expressed as a percentage of the loan amount.The APR includes interest owed and any fees or additional costs associated with the agreement.
Annual Report: A report required by the Securities and Exchange Commission (SEC) of any company issuing registered stock, that describes a company’s management, operations, and financial reports. Annual reports are sent to shareholders, and must also be available for public review.
Annual Strategy Presentation: Some PE firms like you to come and do an Annual Strategy Presentation where you give the Investment Committee an update on what you're doing and outline what the year ahead looks like. In my experience these are done very patchily and in nine PE years I 've only actually done two. In my research for the first one I couldn't find any commonality of approach from anyone who had done one before. They seem to have three key purposes: Let's the investment committee have a look at you and see if their Investment Director is holding anything back from them (for example that you've lost your mind). Let's them interact through a couple of well meaning suggestions or “challenges”, which generally reveal how little they know about your business and what you're strugglng with tell their LP's that it's one of the many ways that they add value to their investments. These presentations are definitely not something to worry about. But if you're running a process and one of your PE bidders says they don't do them, give them a bonus point in your assessment grid.
Annuity: A contract with an insurance company that guarantees current or future payments in exchange for a premium or series of premiums. The interest earned on an annuity contract is not taxable until the funds are paid out or withdrawn. Withdrawals and income payments are taxed as ordinary income. If a withdrawal is made prior to age 59½, penalties may apply. The guarantees of an annuity contract depend on the issuing company’s claims-paying ability. Annuities have fees and charges associated with the contract, and a surrender charge also may apply if the contract owner elects to give up the annuity before certain time-period conditions are satisfied.
Annuity -: A contract in which a given sum of money is paid to a beneficiary on a periodic basis for a specified time.
AOEs: (Areas of Expertise) are the specific technical and professional skills and knowledge mastery areas for success in the WLP profession.
APA: - See: Advance Pricing Arrangement
APPORTIONMENT METHOD: - One of the methods used to allocate income and expenses between related enterprises using a formula consisted of some factors such as sales, property, or payroll.
Appraisal: A formal assessment of a property’s value at a specific point in time, performed by a qualified professional.
Appraised value or appraisal -: An estimation of the value of property by disinterested people having certain qualifications and specific methodologies.
Appreciative Inquiry: (AI) Theory is an approach to large-scale organizational change that involves the analysis of positive and successful (rather than negative or failing) operations. The AI four-D cycle (discovery, dream, design, destiny) includes identifying problems, analyzing causes, searching for solutions, and developing an action plan.
Aptitude: Aptitude refers to a person’s natural ability to do something. Recruiting talented individuals with high aptitude in the right areas is key for 1 businesses looking to gain a competitive advantage over their competitors.
Aptitude test: Explore an individual’s ability to perform or carry out different tasks. These tests tend to have a formal, structured approach where candidates’answer multiple choice questions under exam conditions so that it can beadministered and scored to ensure results can be compared.
ARBITRAGE: - Process of buying a commodity (which may include currency or securities) and simultaneously selling it in another market in order to profit from price differentials.
ARBITRAGE, TAX: - Process of entering into a tax motivated transaction (i.e. to obtain profit from the application of tax rules).
ARBITRATION: - Term used for the determination of a dispute by the judgment of one or more persons, called arbitrators, who are chosen by the parties and who normally do not belong to a normal court of competent jurisdiction
Area of Responsibility: The area of the organization structure for which a TMS can perform talent management activities
ARM'S LENGTH PRINCIPLE: - The international standard which states that, where conditions between related enterprises are different from those between independent enterprises, profits which have accrued by reason of those conditions may be included in the profits of that enterprise and taxed accordingly
ARM'S LENGTH RANGE: - A term used in transfer pricing to describe a range of values that can be defined for purpose of selecting an appropriate arm's length price from comparable transactions.
ARM'S LENGTH TRANSACTION: - A transaction among parties, each of whom acts in his or her own best interest.
Artificial Intelligence (AI): is typically defined as the ability of a machine to simulate human cognitive processes, such as perceiving, reasoning, learning, interacting with the environment, problem solving, and creativity.
ASSESSMENT: - Act of computing the tax due
Assessment tool: A device or method used to measure the degree to which an applicant possesses the competencies or KSAs necessary for successful job performance. Examples of assessment tools include rating schedules, written tests, work samples, and structured interviews.
Asset: Anything owned that has a current value that may provide a future benefit.
Asset allocation: A method of allocating funds to pursue the highest potential return at a specific level of risk. Asset allocation normally uses sophisticated mathematical analysis of the historical performance of asset classes to attempt to project future risk and return. Asset allocation is an approach to help manage investment risk. It does not guarantee against investment loss.
Asset class: A given category of investment, such as U.S. stocks, international stocks, U.S. bonds, international bonds, real estate, commodities, or cash.
Asset Class Diversification: Having a mixture of at least five and preferably eight or nine asset classes in an investment portfolio.
Asset Management: Professional management of both securities (such as stocks, bonds, limited partnerships, and mutual funds) and tangible assets like real estate to meet specified investment goals for the benefit of an investor.
Asset Protection: Strategies that go beyond liability insurance, using a set of legal techniques and statutory laws to protect wealth against liability and frivolous lawsuits. Learn more about asset protection.
ASSET PROTECTION FROM LAWSUITS & CREDITORS: In today's litigious society, many people are concerned about the risk of lawsuits. Good asset protection can help protect your hard earned assets from frivolous lawsuits. This is especially important for family businesses or professional practices.
Assets -: All types of property.
Associate Professional in Talent Development (APTD): is a certification for talent development professionals who are in the early part of their careers or whose professional roles and aspirations are focused on a few areas of expertise. The capabilities included in the APTD are the basics of talent development that professionals can use every day, no matter the level within an organization or company. It may be a destination for some or a stepping stone to the CPTD for others.
ASSOCIATED ENTERPRISES: - Generally speaking, enterprises are associated where the same persons participate directly or independently in the management, control or capital of both enterprises, i.e. both enterprises are under common control.
Asynchronous learning: is: ‘as trustee for’.
Attest and attestation: to bear witness to the genuineness or authenticity of a document by signing as witness, to authenticate a document.
Attesting witness: - A person who sees the will-maker sign his or her will document, and then signs the same document themselves as proof that it was signed in their presence. Having done this, they can then declare or attest that they witnessed the will-maker sign their own will.
Attitude: An individual’s attitude will often be linked with their outlook andpersonality. Key indicators of an individual’s attitude are the way that they communicate with people and their body language or posture.Attitude Test Examine individual’s preferences for different types of work, as well as their opinions, attitudes and behavior towards others. The characteristics are usually assessed using a questionnaire without a time limit. The results are then interpreted by an assessor trained to ensure interpretation and feedback is accurate.
Attorney: - is a person who has been appointed by someone else to make certain decisions in their place.
Atwhen the trainer and the learner do not participate simultaneously in time or location; for example, asynchronous e-learning.
ATF –Torney -: Another term for lawyer. Basis - The value of an asset for the purpose of determining the gain or loss on its sale or transfer. It is generally the purchase price of an asset plus related costs of purchasing the asset less allowable depreciation and insurance reimbursements for casualty and theft losses. If the property is transferred to a donee (gift recipient), the donor’s basis usually becomes the donee’s basis.
ATTRIBUTION RULES: - Rules that create ownership by attributing stock to one party even though the shares are legally owned by another party; often called constructive ownership of stock.
Auction: A public sale in which the vendor publishes intention to sell a business / asset by a specific date, which in turn generates an auction process. The business is then usually sold to the highest bidder.
Audit: In accounting, the formal examination of a company’s financial records by a qualified professional to determine the records ’accuracy, consistency, and conformity to legal standards and established accounting principles. In taxes, the formal examination of a tax return by the Internal Revenue Service or other authority to determine its accuracy.
Authoring tools: are software programs that allow a content expert to interact with a computer in everyday language to develop courseware.
Authoring Tools or Instructional Tools: Software packages instructional designers use to create and package content to end users. Authoring tools are commonly used to create e-learning modules. They are written to conform to international standards such as Shareable Content Object Reference Model (SCORM). These tools allow for Common authoring tools are Adobe Captivate, Adobe Flash, and Articulate.
Authorization, Agreement, and Certification of Training "(SF-182): Governmentwide training form used to request, approve, and certify completion of training courses, conference, seminars, symposia and academic courses. It primary purpose is to document and track employee training, especially training paid with agency funds.
Automatic reinvestment: An arrangement under which an institution automatically deposits dividends or capital gains generated by an individual’s investment back into the investment to purchase additional shares.
AUXILIARY ACTIVITIES: - A fixed place of business through which an enterprise exercises solely an activity which has, for the enterprise, a preparatory or auxiliary character, is, under tax treaties generally, deemed not to be a permanent establishment. The decisive criterion is whether the activity of the fixed place of business in itself forms an essential and significant part of the activity of the enterprise as a whole.
AUXILIARY COMPANY: - Company which is part of a group of companies and which supplies auxiliary services to group companies.
AVOIDANCE: - A term that is difficult to define but which is generally used to describe the arrangement of a taxpayer's affairs that is intended to reduce his tax liability and that although the arrangement could be strictly legal it is usually in contradiction with the intent of the law it purports to follow. Cf. evasion
Advertising Campaign Checklist
Advertising takes one of the pivotal roles in the marketing system of the company. Companies invest a lot of money into advertisement to promote and sell their products and services. This checklist is aimed to help companies to hold efficient advertising campaign. Career Development Checklist
Advertising Schedule Checklist
This Advertising Schedule Checklist is created to help those who wish to promote their brands or products through consistent advertising that is a key to business success, but even the most creative advertisement can appear useless if it does not reach the target audience. This checklist will assist you in learning types of advertising schedules, and organizing your advertising campaign to suit appropriate time. Advertising Schedule Checklist
Asset management checklist
This Asset Management checklist can be helpful to any company which would like to establish an effective system of operating their corporate assets. This document will help you to study essential asset management activities that are necessary to manage this workflow. With a help of this Asset Management checklist you will study how to organize this important business activity. Asset management checklist
Annual Report Checklist
Most organizations require producing an annual report showing the results achieved at the end of the year. Your company may also need to create such a report in order to deliver information on performance, operations and profits to stakeholders. Read the Annual Report Checklist to find out the main sections of an annual report and learn a series of annual report guidelines. Annual Report Checklist
Account Planning Checklist
Account planning is an approach to selling products and services for targeted customers through advanced client management. In this Account Planning Checklist you will find out what steps can be taken to reach success in planning sales activities. Account Planning Checklist
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