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Taxes

Alternative Minimum Tax (AMT)

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
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Employer Identification Number (EIN)

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 security number.
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Medicare Taxes

Definition: The tax you withhold from your employees' paychecks to cover the cost of Medicare expenses
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Tax Deductions (aka Standard Business Tax Ded

Definition: The costs of doing business that are tax-deductible to the full extent of the law
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Taxes

Definition: Sums imposed by a government authority upon persons or property to pay for government services
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Taxpayer ID Number

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.
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Sales Tax

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.
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Self-Employment Tax (Schedule SE)

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.
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Social Security Tax (FICA)

Definition: A tax paid by workers and employers on wages earned that supports the benefit programs under the Social Security System
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