Small Business Encyclopedia
Category: TaxesAlternative Minimum Tax (AMT)
A separate tax system designed to keep high-earning corporations and individuals from reducing their taxes to a level that the federal government considers too low
Employer Identification Number (EIN)
A 9-digit number obtained by a business with paid employees from the IRS. If you're a sole proprietorship, your EIN is your social security number.
Medicare Taxes
The tax you withhold from your employees' paychecks to cover the cost of Medicare expenses
Tax Deductions (aka Standard Business Tax Ded
The costs of doing business that are tax-deductible to the full extent of the law
Taxes
Sums imposed by a government authority upon persons or property to pay for government services
Taxpayer ID Number
A 9-digit number obtained from the IRS by a business with paid employees. If you're a sole proprietorship, your taxpayer ID number is your social security number.
Sales Tax
A tax collected by all retailers and certain service providers when they make taxable retail sales. Sales taxes could include state, county and local taxes.
Self-Employment Tax (Schedule SE)
A social security and Medicare tax primarily for individuals who work for themselves. It's similar to the social security and Medicare taxes withheld from the pay of most wage earners.
Social Security Tax (FICA)
A tax paid by workers and employers on wages earned that supports the benefit programs under the Social Security System
Popular Articles
Jack Dorsey Says 'the Closest Form of Global Consciousness' Used to Be Twitter — Now It's Something Else
Dorsey recently left Bluesky, an X rival he helped found.
TikTok Reportedly Laid Off a 'Large Percentage' of Employees as the App's Fate in the U.S. Remains Unclear
Laid-off TikTok employees were notified Wednesday night through Thursday morning.
More People Are Exploring Entrepreneurship Because of This Unexpected Reason
More new business applications were filed in 2023 than in any other year so far.
8 Subtle Hints that People Don't Respect You — and How to Fix Them
While you have to earn respect, you don't have to deal with disrespect in the meantime.
63 Small Business Ideas to Start in 2024
We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.
Four Seasons Orlando Responds to Viral TikTok: 'There's Something Here For All Ages'
The video has amassed over 45.4 million views on TikTok.