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Dependent
A person, other than the taxpayer or spouse, who entitles the taxpayer to claim a dependency exemption.
Form W-4, Employee's Withholding Allowance Certificate
Completed by the employee and used by the employer to determine the amount of income tax to withhold.
Estate and Gift Tax
One of the oldest and most common forms of taxation is the taxation of property held by an individual at the time of their death. Such a tax can take the form, among others, of estate tax (a tax levied on the estate before any transfers). An estate tax is a charge upon the decedent's entire estate, regardless of how it is disbursed.
Federal Insurance Contributions Act (FICA) Tax
Provides benefits for retired workers and their dependents as well as for disabled workers and their dependents. Also known as the Social Security tax.
Excise tax
A tax on the sale or use of specific products or transactions.
Subchapter S
The S-Corporation must complete and file IRS Form 1120s to report its annual income to the IRS each year.
Employee
Works for an employer. Employers can control when, where, and how the employee performs the work.
Earned Income Credit
A tax credit for certain people who work, meet certain requirements, and have earned income under a specified limit.
Compulsory payroll tax
An automatic tax collected from employers and employees to finance specific programs.
Family daycare providers
A family daycare provider is a person engaged in the business of providing family daycare.
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