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Tax Glossary
What Is “State Withholding”?
State withholding is the process where an employer subtracts a specific portion of an employee’s earnings directly from their paycheck...
Tax Glossary
What Is “State Tax Return”?
A state tax return is a formal financial declaration submitted annually to a state’s department of revenue to report the...
Tax Glossary
What Is “State Income Tax”?
State income tax is a tax levied by individual U.S. states on the money earned by residents, workers, and businesses...
Tax Glossary
What Is “State Estimated Tax”?
State estimated tax is a method used to pay income tax to a state government on earnings that are not...
Tax Glossary
What Is a “Specified foreign financial asset”?
A specified foreign financial asset is a legal category used by the IRS to describe any financial account or investment...
Tax Glossary
What Is “Simple trust”?
A simple trust is an IRS classification for an independent trust that is legally required to distribute all the income...
Tax Glossary
What Is “Seller’s Permit”?
A seller’s permit is a state-issued license that legally authorizes a business to collect sales tax from customers on taxable...
Tax Glossary
What Is “Section 127 Educational Assistance”?
Section 127 educational assistance is a specific provision within the U.S. Internal Revenue Code that allows an employer to provide...
Tax Glossary
What Is “Schedule K-1 Form 1041”?
Schedule K-1 (Form 1041) is an annual IRS tax document issued to a beneficiary of a trust or a deceased...
Tax Glossary
What Is “Sales Tax”?
Sales tax is a consumption tax imposed by state and local governments on the sale of specific goods and services....