Self-Employed

Business / Accounting / Self-Employed: The owner (or partner) of a business who is legally liable for all the debts of the business (ie. the owner(s) of a non-limited company).

Self-Employed Income

Business / Finance / Self-Employed Income: Taxable income of a person involved in a sole proprietorship or other sort of free-lance work. MORE

Federal Insurance Contributions Act (FICA)

Business / Taxes / Federal Insurance Contributions Act (FICA): The Federal Insurance Contribution Act (FICA) is the federal law that requires employers to withhold 6.2% from their employees' paychecks, up to an annual earnings cap. Employers must match employee w MORE

Money Purchase Plan

Business / Finance / Money Purchase Plan: A defined benefit contribution plan in which the participant contributes some part and the firm contributes at the same or a different rate. Also called an individual account plan. MORE

Preapproval

Business / Taxes / Preapproval: When you’re preapproved for a mortgage, the lender guarantees in advance the maximum you can borrow, provided your financial situation doesn’t change before you find a home. You’ll need to fill MORE

Employee Retirement Income Security Act (ERISA)

Health / Dentistry / Employee Retirement Income Security Act (ERISA): Federal legislation that applies to retirement programs and to employee welfare benefit programs established or maintained by employers and unions. MORE

Independent 401(K)

Business / Taxes / Independent 401(K): The independent 401(k) — also known as a solo 401(k), indy-k, or uni-k — is a variation of the 401(k) designed for people who are self-employed or operate a small business with a partner, spouse, MORE

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