Glossary Terms Beginning with S
Definitions for words starting with S are listed on this page. Take the link above or scroll down to the glossary term.
S Corporation Definition
S corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates. (See S Corporation Profits.)
To qualify for S corporation status, the corporation must meet the following requirements:
Be a domestic corporation
Have only allowable shareholders (i.e. may be individuals, certain trusts, and estates and may not be partnerships, corporations or non-resident alien shareholders)
Have no more than 100 shareholders
Have only one class of stock
Not be an ineligible corporation (i.e. certain financial institutions, insurance companies, and domestic international sales corporations).
S corporations are required to file IRS form 2553 when it elects to be classified as an S corporation. IRS form 1120S must be filed to report income, gains, losses, deductions and credits for any tax year covered by that election. IRS Schedule K form has to be filed to report information regarding income, deductions, credits, and other items that pass through to the corporation’s shareholders. The IRS Schedule K-1 form provides information about the shareholder’s shares of the income from the corporation.
Review all of the following line items from the IRS form 1120S:
Gross Receipt or Sales – The total gross income the S Corporation is claiming before any allowable expense deductions.
Ordinary Business Income – The total income the S Corporation profited after allowable expense deductions.
Compensation of Officers – The income paid to an employee/shareholder of the S Corporation.
NOTE When the participant is a shareholder for the corporation, this income is considered wages for the participant and must be reviewed further for correct budgeting requirements. (See Wages and Salaries)
Same-Sex Marriage States Definition
On 06/26/15, the U.S. Supreme Court ruled that the U.S. Constitution guarantees the right for same-sex couples to marry in all 50 states and that all existing bans are invalid.
The following states legalized same-sex marriages prior to 06/26/2015:
Valid Dates and Additional Information
10/12/2014 to present
10/17/2014 to present
06/28/2013 to present
Also, 06/16/2008 through 11/04/2008
10/07/2014 to present
05/07/2013 to present
Civil Unions from 2012 to 07/01/2013 automatically became marriages between 07/01/2013 and 07/01/2014
District of Columbia (Washington D.C.)
03/03/2010 to present
Statewide 01/06/2015 to present
Miami–Dade County 01/05/2015 to present
12/02/2013 to present
10/15/2014 to present
Statewide 06/01/2014 to present
Cook County 02/22/2014 to present
Champaign County 02/26/2014 to present
Grundy County 02/27/2014 to present
St. Clair County 03/05/2014 to present
Cass County 03/05/2014 to present
Jackson County 03/05/2014 to present
Macon County 03/10/2014 to present
McLean County 03/24/2014 to present
Civil Unions from 06/01/2011 to 05/31/2014 can choose to become marriages until 06/01/2015 (Marriage date is the date of the civil union)
10/06/2014 to present
04/27/2009 to present
11/12/2014 to present
12/29/2012 to present
01/01/2013 to present
05/17/2004 to present
08/01/2013 to present
11/19/2014 to present
10/09/2014 to present
New Hampshire
01/01/2010 to present
Civil Unions from 01/01/2008 through 01/01/2010 automatically became marriages on 01/01/2011
New Jersey
10/21/2013 to present
New Mexico
Statewide 12/19/2013 to present (excluding many Native American tribes)
Sandoval County 02/20/2004 and 12/19/2013 to present
Santa Fe County 03/19/2013 to present
San Miguel County 08/27/2013 to present
Grant County 08/27/2013 to present
Valencia County 08/27/2013 to present
Los Alamos County 08/27/2013 to present
Taos County 08/28/2013 to present
Bernalillo County 08/26/2013 to present
Dona Ana County 08/21/2013 to present
New York
07/24/2011 to present
North Carolina
10/10/2014 to present
10/06/2014 to present
05/19/2014 to present
03/03/2004 through 04/20/2004
05/20/2014 to present
Rhode Island
08/01/2013 to present
10/06/2014 to present
09/01/2009 to present
10/06/2014 to present
12/06/2012 to present
West Virginia
10/09/2014 to present
10/06/2014 to present
10/17/2014 to present
Self-Employment Definition
Self-employment is defined as working for oneself rather than working for an employer.
Participants are considered self-employed when one or more of the following is met:
Federal income tax returns that identify their self-employment status are filed.
The intention is to make a profit or produce income as a regular occupation.
They represent to others that they are engaged in a business of selling goods or providing a service.
They are available to take on additional clients.
They have documentation that supports their claim of self-employment.
They are members of a business or trade association.
They do not have an employer - employee relationship with a single person or organization.
Income from self-employment may include, and is not limited to, any of the following situations:
Income received directly from one's own business, a sole proprietorship, as an independent contractor, or as a member of a partnership.
NOTE Corporations(g) or Limited Liability Companies(g) that file taxes as corporations are not considered self-employment. (See Dividends and Royalties.)
Income received from odd jobs or from irregular and varied activities.
Income received from providing services.
Income received from selling or reselling goods, including personal property and items purchased for the purpose of resale.
Income received from working for others on a commission or piecework basis.
See any of the following types of income listed in the CNAP Manual for more information about income types that are frequently considered self-employment income:
Severance Pay Definition
Severance pay may be granted by an employer to an employee as compensation for the loss of employment.
Severance pay is a matter of agreement between an employer and an employee. It is usually based on the length of service, such as one week of pay for each consecutive year of work for the employer.
NOTE There is no requirement in the Fair Labor Standards Act (FLSA) that an employer offer severance pay.
Spouse Definition
One of two persons, who are married to each other under applicable state law. This includes one of the following:
One of two persons of the opposite sex
A same sex partner when the marriage is legally recognized. See Same-Sex States(g) for state legal information.
NOTE This includes a person when living together with someone of the opposite sex and presents themselves to the community as husband and wife
Standard of Basic Needs Definition
The standard of basic need includes an amount for all of the following:
Rent or mortgage payment
Household supplies (bedding, towels, laundry, cleaning and paper supplies, etc.)
Transportation (public transportation for personal use only. This does not include transportation to and from work or school.)
Personal care items (supply items only such as soap, toothpaste, shaving cream, etc.)
State Benefit Limit (STBL) Definition
A 12 month time limit for receiving Cash Assistance (CA) benefits in Arizona that begins with the first full CA payment received on or after October 01, 2002. (See STBL)
State Holidays Definition
The following holidays are observed by Arizona:
New Year’s Day- January 1
Martin Luther King Jr. / Civil Right s Day - Third Monday in January
President’s Day – Third Monday in February
Memorial Day – Last Monday in May
Independence Day – July 4
Labor Day – First Monday in September
Columbus Day – Second Monday in October
Veterans Day – November 11
Thanksgiving Day - Fourth Thursday in November
Christmas day – December 25
NOTE Holidays that fall on Sunday are observed on the following Monday. Holidays that fall on Saturdays are observed on the preceding Friday.
State Verification Exchange System (SVES) Definition
State Verification Exchange System (SVES) information is received by FAA as a result of computer matching between FAA and other agencies. The matching of computer system information is required by federal law. When information is verified through SVES, additional verification is not needed.
SVES is used to ensure that federally funded public assistance and unemployment agencies complete all of the following:
Accurate eligibility determinations
Issue correct benefits
Information that may be obtained from SVES includes, and is not limited to, any of the following:
Social Security and SSI benefit information from the Beneficiary and Earnings Data Exchange (BENDEX) or State Data Exchange (SDX).
Unemployment Insurance benefits information available through the Household System Check (HOSC).
Child Support Income issued through the Division of Child Support Services (DCSS) and displayed on CHSP.
Wire Third Party Information (WTPI).
Health-e-Arizona Plus (HEAplus) Social Security Online - State On-Line Query Internet (SOLQI) Response Data Summary.
Strike Definition
A strike is any voluntary stoppage of work by employees or any slowdown or other interruption of operations by a group of employees.
Work stoppage is considered a strike when both the union and company agree that a strike exists. The work stoppage may be by reason of expiration of a collective bargaining agreement.
NOTE Food and Nutrition Service (FNS) makes the determination when the union and company disagree as to whether the work stoppage is a strike or lockout.