An excise tax is a tax imposed on specific goods, services, activities, or privileges, often included in the price of the product.
The Federal Insurance Contributions Act (FICA) is a U.S. federal payroll tax imposed on both employees and employers to fund Social Security and Medicare. Established by the Social Security Act of 1935, FICA contributes to long-term financial support for American retirees and other beneficiaries.
Levy refers to the legal process by which a government or agency imposes a tax, fee, or fine, or seizes property to satisfy an outstanding debt or obligation.
The Social Security tax, specifically the Old-Age, Survivors, and Disability Insurance (OASDI) portion, is a crucial federal tax under the Federal Insurance Contributions Act (FICA) that applies to compensation and self-employment earnings.
Subchapter C refers to the portion of the Internal Revenue Code that covers corporate taxation, outlining the rules and regulations for how corporations are taxed in the United States.
A financial obligation whose interest is exempt from taxation by federal, state, and/or local authorities.
A Tuition Tax Credit is a non-refundable credit offered by the federal government that can be used to offset the cost of college education by reducing the amount of tax owed.
The W-2 Form is a tax form that each employer sends annually to each employee and to the IRS. It includes details of the employee's gross earnings and deductions for federal, state, and local income taxes as well as FICA. Employees are required to attach a copy to their tax returns.
