Small Business Encyclopedia

Category: 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

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.

Medicare Taxes

Definition: The tax you withhold from your employees' paychecks to cover the cost of Medicare expenses

Tax Deductions (aka Standard Business Tax Ded

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

Taxes

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

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.

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.

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.

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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