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Out-of-pocket Payments
An out-of-pocket expense, or out-of-pocket cost (OOP), is the direct payment of money that may or may not be later reimbursed from a third-party source. For example, when operating a vehicle, gasoline, parking fees and tolls are considered out-of-pocket expenses for a trip. Car insurance, oil changes, and interest are not, since the outlay of cash covers expenses accrued over a longer period of time. The services rendered and other in-kind expenses are not considered out-of-pocket expenses; the same goes for depreciation of capital goods or depletion. Organizations often reimburse out-of-pocket expenses incurred on their behalf, especially expenses incurred by employees on their employers' behalf. In the United States, out-of-pocket expenses for such things as charity, medical bills, and education may be deductions on US income taxes, according to IRS regulations. To be out of pocket is to have expended personal resources, often unexpectedly or unfairly, at the end of some enter ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reimbursement
Reimbursement is the act of compensating someone for an out-of-pocket expense by giving them an amount of money equal to what was spent. Companies, governments and nonprofit organizations may compensate their employees or officers for necessary and reasonable expenses; under US law, these expenses may be deducted from taxes by the organization and treated as untaxed income for the recipient provided that accountability conditions are met. UK law provides for deductions for travel and subsistence. Reimbursement is also provided for supply, day care, mobile, medical, or education expenses, as determined by the payer. Similarly, a university, academic conference, or business conference may reimburse the expenses of an invited speaker or attendee. Reimbursement is also used in insurance, when a provider pays for expenses after they have been paid directly by the policy holder or another party. This is especially relevant in health insurance, due to urgency, high costs, and admin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
US Income Taxes
The United States federal government and most state governments impose an income tax. They are determined by applying a tax rate, which may increase as income increases, to taxable income, which is the total income less allowable deductions. Income is broadly defined. Individuals and corporations are directly taxable, and estates and trusts may be taxable on undistributed income. Partnerships are not taxed (with some exceptions in the case of federal income taxation), but their partners are taxed on their shares of partnership income. Residents and citizens are taxed on worldwide income, while nonresidents are taxed only on income within the jurisdiction. Several types of credits reduce tax, and some types of credits may exceed tax before credits. Most business expenses are deductible. Individuals may deduct certain personal expenses, including home mortgage interest, state taxes, contributions to charity, and some other items. Some deductions are subject to limits, and an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Personal Finance
Personal finance is the financial management that an individual or a family unit performs to budget, save, and spend monetary resources in a controlled manner, taking into account various financial risks and future life events. When planning personal finances, the individual would take into account the suitability of various banking products ( checking accounts, savings accounts, credit cards, and loans), insurance products ( health insurance, disability insurance, life insurance, etc.), and investment products ( bonds, stocks, real estate, etc.), as well as participation in monitoring and management of credit scores, income taxes, retirement funds and pensions. History Before a specialty in personal finance was developed, various closely related disciplines, such as family economics and consumer economics, were taught in various colleges as part of home economics for over 100 years. In 1920, Hazel Kyrk's dissertation at the University of Chicago was inst ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capital Good
Capital and its variations may refer to: Common uses * Capital city, a municipality of primary status ** Capital region, a metropolitan region containing the capital ** List of national capitals * Capital letter, an upper-case letter Economics and social sciences * Capital (economics), the durable produced goods used for further production * Capital (Marxism), a central concept in Marxian critique of political economy * Economic capital * Financial capital, an economic resource measured in terms of money * Capital good * Human capital * Natural capital * Public capital * Social capital Architecture and buildings * Capital (architecture), the topmost member of a column or pilaster * The Capital (building), a commercial building in Mumbai, India * Capital (fortification), a proportion of a bastion Arts, entertainment and media Literature Books * ''Capital'' (novel), by John Lanchester, 2012 * ''Das Kapital'' ('Capital: Critique of Political Economy'), a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Car Costs
A car, or an automobile, is a motor vehicle with wheels. Most definitions of cars state that they run primarily on roads, seat one to eight people, have four wheels, and mainly transport people rather than cargo. There are around one billion cars in use worldwide. The French inventor Nicolas-Joseph Cugnot built the first steam-powered road vehicle in 1769, while the Swiss inventor François Isaac de Rivaz designed and constructed the first internal combustion-powered automobile in 1808. The modern car—a practical, marketable automobile for everyday use—was invented in 1886, when the German inventor Carl Benz patented his Benz Patent-Motorwagen. Commercial cars became widely available during the 20th century. The 1901 Oldsmobile Curved Dash and the 1908 Ford Model T, both American cars, are widely considered the first mass-produced and mass-affordable cars, respectively. Cars were rapidly adopted in the US, where they replaced horse-drawn carriages. In Europe and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Emergency Department
An emergency department (ED), also known as an accident and emergency department (A&E), emergency room (ER), emergency ward (EW) or casualty department, is a medical treatment facility specializing in emergency medicine, the Acute (medicine), acute care of patients who present without prior appointment; either by their own means or by that of an ambulance. The emergency department is usually found in a hospital or other primary care center. Due to the unplanned nature of patient attendance, the department must provide initial treatment for a broad spectrum of illnesses and injuries, some of which may be Medical emergency, life-threatening and require immediate attention. In some countries, emergency departments have become important entry points for those without other means of access to medical care. The emergency departments of most hospitals operate 24 hours a day, although staffing levels may be varied in an attempt to reflect patient volume. History Accident services wer ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Medicare Part D
Medicare (United States), Medicare Part D, also called the Medicare prescription drug benefit, is an optional United States federal-government program to help Medicare beneficiaries pay for self-administered prescription drugs. Part D was enacted as part of the Medicare Modernization Act of 2003 and went into effect on January 1, 2006. Under the program, drug benefits are provided by private insurance plans that receive premiums from both enrollees and the government. Part D plans typically pay most of the cost for prescriptions filled by their enrollees. However, plans are later reimbursed for much of this cost through rebates paid by manufacturers and Pharmacy (shop), pharmacies. Part D enrollees cover a portion of their own drug expenses by paying cost-sharing. The amount of cost-sharing an enrollee pays depends on the retail cost of the filled drug, the rules of their plan, and whether they are eligible for additional Federal income-based subsidies. Prior to 2010, enrollees ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Health Care System
A health system, health care system or healthcare system is an organization of people, institutions, and resources that delivers health care services to meet the health needs of target populations. There is a wide variety of health systems around the world, with as many histories and organizational structures as there are countries. Implicitly, countries must design and develop health systems in accordance with their needs and resources, although common elements in virtually all health systems are primary healthcare and public health measures. In certain countries, the orchestration of health system planning is decentralized, with various stakeholders in the market assuming responsibilities. In contrast, in other regions, a collaborative endeavor exists among governmental entities, labor unions, philanthropic organizations, religious institutions, or other organized bodies, aimed at the meticulous provision of healthcare services tailored to the specific needs of their respective ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States
The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 contiguous states border Canada to the north and Mexico to the south, with the semi-exclave of Alaska in the northwest and the archipelago of Hawaii in the Pacific Ocean. The United States asserts sovereignty over five Territories of the United States, major island territories and United States Minor Outlying Islands, various uninhabited islands in Oceania and the Caribbean. It is a megadiverse country, with the world's List of countries and dependencies by area, third-largest land area and List of countries and dependencies by population, third-largest population, exceeding 340 million. Its three Metropolitan statistical areas by population, largest metropolitan areas are New York metropolitan area, New York, Greater Los Angeles, Los Angel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gasoline
Gasoline ( North American English) or petrol ( Commonwealth English) is a petrochemical product characterized as a transparent, yellowish, and flammable liquid normally used as a fuel for spark-ignited internal combustion engines. When formulated as a fuel for engines, gasoline is chemically composed of organic compounds derived from the fractional distillation of petroleum and later chemically enhanced with gasoline additives. It is a high-volume profitable product produced in crude oil refineries. The ability of a particular gasoline blend to resist premature ignition (which causes knocking and reduces efficiency in reciprocating engines) is measured by its octane rating. Tetraethyl lead was once widely used to increase the octane rating but is not used in modern automotive gasoline due to the health hazard. Aviation, off-road motor vehicles, and racing car engines still use leaded gasolines. Other substances are frequently added to gasoline to improve chemical st ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Depletion (accounting)
Depletion is an accounting and tax concept used most often in the mining, timber, and petroleum industries. It is similar to depreciation in that it is a cost recovery system for accounting and tax reporting: "The depletion deduction" allows an owner or operator to account for the reduction of a product's reserves. Types of depletion For tax purposes, the two types of depletion are percentage depletion and cost depletion. For mineral property, the method leading to the largest deduction is generally used. For standing timber, use of the cost depletion method is required. Depletion, for both accounting purposes and United States tax purposes, is a method of recording the gradual expense or use of natural resources over time. Depletion is the using up of natural resources by mining, quarrying, drilling, or felling. According to the IRS Newswire, over 50 percent of oil and gas extraction businesses use cost depletion to figure their depletion deduction. Mineral property includ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capital Goods
In economics, capital goods or capital are "those durable produced goods that are in turn used as productive inputs for further production" of goods and services. A typical example is the machinery used in a factory. At the macroeconomic level, "the nation's capital stock includes buildings, equipment, software, and inventories during a given year." The means of production is as a "... series of heterogeneous commodities, each having specific technical characteristics ..." "capital goods", are one of the three types of intermediate goods used in the production process, the other two being land and labour. The three are also known collectively as "primary factors of production". This classification originated during the classical economics period and has remained the dominant method for classification. Capital can be increased by the use of a production process (see production function and factors of production). Outputs of the production process are normally classif ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
