Catch-Up Contribution

Health Savings Account (HSA)
A Health Savings Account (HSA) is a type of savings account that lets individuals save for medical expenses tax-free. This account was established by the Medicare Prescription Drug, Improvement, and Modernization Act, which was signed into law by President George W. Bush on December 8, 2003.
Individual Retirement Account (IRA)
An Individual Retirement Account (IRA) is a trust fund designed for individual employees to save for retirement with tax advantages. Contributions, limits, and tax benefits all depend on various conditions such as income level and participation in other qualified plans.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.