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Internal Revenue Code of 1986

The main collection of federal tax laws in the United States, which is regularly updated by Congress.

Refundable credit

A type of tax credit that can not only reduce a person's tax bill to zero but can also result in money being paid back to the taxpayer, even if they owe no taxes.

Qualified health plan

A health insurance plan that meets specific requirements set by the Affordable Care Act and is offered for sale on the health insurance marketplace.

Household income

The total income earned by all members of a household, used to determine eligibility for various government programs and tax benefits.

Federal poverty line

An income threshold set by the government each year, used as a benchmark to determine eligibility for assistance programs.

Applicable percentage

The maximum percentage of a household's income that a person is expected to pay for their health insurance premiums before any government financial help kicks in.

Sliding scale

A system where the amount of financial help or a payment requirement changes based on a person's income, with those earning less usually getting more help or paying less.