Definition: 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
Definition: 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
Definition: The tax you withhold from your employees' paychecks to cover the
cost of Medicare expenses
Definition: 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.
Definition: 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.
Definition: A tax paid by workers and employers on wages earned that supports
the benefit programs under the Social Security System
Definition: The costs of doing business that are tax-deductible to the full
extent of the law
Definition: Sums imposed by a government authority upon persons or property to
pay for government services
Definition: 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.