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Tax credit

A direct reduction in the amount of tax owed, dollar for dollar. Unlike a deduction, which reduces taxable income, a credit directly lowers the tax bill.

Small business concern

A business that meets specific size standards set by the Small Business Administration, usually based on employee count or annual revenue, which vary by industry.

Qualified wages

The portion of an employee's salary or hourly pay that can be used to calculate a specific tax benefit.

Workmen's compensation expenses

Costs paid by an employer for insurance that covers medical treatment and lost wages for employees injured on the job.

Registered apprenticeship program

A structured training program that combines paid on-the-job learning with classroom instruction, recognized and regulated by the U.S. Department of Labor or a state agency.

Internal Revenue Code of 1986

The primary body of federal tax law in the United States, which governs how taxes are collected and how tax credits, deductions, and other provisions are applied.

Career and technical education (CTE)

Programs that provide students with academic and technical skills, knowledge, and training necessary to succeed in future careers and to become lifelong learners.