Tax Obligations

Employer
An employer is an individual or organization that hires and pays workers, providing them with wages and a livelihood. The employer holds authority to direct the work and has the ability to hire or dismiss employees, furnish working locations and necessary supplies, and handle tax obligations.
Internal Revenue Code (IRC)
A collection of tax laws that are enacted by the federal government of the United States to administer tax obligations on individuals, corporations, and other entities.
Ordinarily Resident - UK Capital Gains Tax Rules
In the UK Capital Gains Tax rules, an individual 'ordinarily resident' is subject to the tax even if they are not actually living within the UK. This status applies to various scenarios such as imprisonment abroad or taking a gap year.

Accounting Terms Lexicon

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