take home pay: Total wage or salary (plus bonuses) minus payroll deductions.

tangible personal business property: Depreciable operating assets of a business, other than real property, including machinery, furniture and fixtures, automobiles and trucks, and equipment.

tax: A government fee on business and individual income, activities, or products.

tax credit: An amount that a taxpayer who meets certain criteria can subtract from tax owed. Examples include a credit for earned income below a certain limit and for qualified post-secondary school expenses. (See Tax Deduction, Tax Exemption.)

tax deduction: An expense that a taxpayer can subtract from taxable income. Examples include deductions for home mortgage interest and for charitable gifts. (See Tax Credit, Tax Exemption.) Tax Deferred Investments where taxes due on the amount invested and/or its earnings are postponed until funds are withdrawn, usually at retirement.

tax-exempt (tax free): Investments (e.g., municipal bonds) whose earnings are free from tax liability.

tax exemption: An amount that a taxpayer who meets certain criteria can subtract from taxable income. Examples include exemptions for each dependent or for life insurance proceeds. (See Tax Credit, Tax Deduction.)

taxable income: Income subject to tax; total income adjusted for deductions, exemptions, and credits.

term bonds: Bonds that mature in one lump sum at a specified future date.

time period (or periodicity) concept: The idea that the life of a business is divided into distinct and relatively short time periods so that accounting information can be timely.

time value of money: Comparison of a lump sum of money, or a series of equal payments, between two different time periods (e.g., present and future), assuming a specified interest rate and time period. (Reference: The Time Value of Money by Clayton and Spivey.)

times interest earned ratio: Ratio that indicates the company's margin above the fixed interest charged to be paid to creditors; calculated by dividing income before interest and income taxes by interest expense.

tip: An amount paid beyond what’s required, usually to express satisfaction with service quality; also known as a gratuity.

total economic impact (TEI): Total economic impact of a potential project in terms of other projects that may spring from it.

trading securities: Debt and equity securities purchased with the intent of selling them should the need for cash arise or to realize short-term gains.

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