Tax & Financial Glossary
Plain-English definitions for the tax terms that actually affect your bill.
401(k)
A US employer-sponsored retirement account that lets you defer salary pre-tax, up to $24,500 in 2026.
Chargeable Income
Singapore's term for taxable income — total income minus allowable reliefs and expenses.
CPF (Central Provident Fund)
Singapore's mandatory social security savings scheme, funded by employee and employer contributions.
Effective Tax Rate
Your total tax bill divided by your total income — the real average rate you pay.
Gift Aid
A UK scheme letting charities reclaim basic-rate tax on your donation, with extra relief for higher earners.
Marginal Tax Rate
The tax rate applied to your next dollar (or baht, pound, etc.) of income.
Medicare Levy
A separate 2% charge on top of Australian income tax that funds the public health system.
Personal Allowance
The UK's tax-free income threshold — £12,570 for most taxpayers in 2026/27, tapering above £100,000.
Progressive Tax
A tax system where the rate increases as taxable income rises, applied in bands (brackets).
Provident Fund
A Thai employer-sponsored retirement savings plan with employee and employer contributions.
RMF (Retirement Mutual Fund)
A Thai tax-deductible fund that must be held until age 55 with continuous investment.
SRS (Supplementary Retirement Scheme)
A voluntary Singapore retirement scheme with tax relief on contributions, up to $15,300 for citizens/PRs.
SSF (Super Savings Fund)
A Thai savings fund whose tax deduction ended for purchases made from 2025 onward.
Standard Deduction
A fixed amount the IRS lets US filers subtract from income before tax brackets apply — no receipts needed.
Tax-Free Threshold
The first $18,200 of taxable income Australian residents pay no tax on.
Traditional IRA
An individual retirement account you open yourself, with a lower contribution cap than a 401(k).
W-2
The US tax form an employer sends showing your annual wages and taxes withheld.