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Glossary of Terms - K

Key Employee

A key employee is an individual who may have special skills and makes a significant contribution to the business. Executives and managers may be considered key employees, in addition to certain shareholders who actively participate in the ongoing success of the business.

Key Person Insurance

Insurance designed to pay benefits to a business that loses the essential services of a key employee due to disability or death, and the business suffers a financial loss as a result.

Kiddie Tax

Tax, at the parents' top tax rate, filed on Form 8615 for investment income of children under age 14 exceeding $1,400 in 1999 (indexed annually).

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