Hello World
Tax Glossary
What Is “Form 941”?
Form 941 is the Employer’s Quarterly Federal Tax Return. It is the official document businesses use to report the income...
Tax Glossary
What Is “Form 940”?
What Is Form 940? Form 940 is the federal tax return that employers use to report their annual Federal Unemployment...
Tax Glossary
What Is “ Form 8027 ”?
Form 8027 is an IRS information return used by “large food or beverage establishments” to report their annual gross receipts...
Tax Glossary
What Is “Form 1096”?
Form 1096, officially known as the Annual Summary and Transmittal of U.S. Information Returns, is a “cover sheet” used when...
Tax Glossary
What Is “Financial statement”?
What Is a Financial Statement? A financial statement is a formal record that provides a summarized view of the financial...
Tax Glossary
What Is “FICA tax”?
FICA tax is a mandatory U.S. federal payroll tax deducted from the paychecks of most workers. It is established by...
Tax Glossary
What Is “FIFO method”?
The FIFO method, which stands for “First-In, First-Out,” is an accounting rule used to determine the cost basis of assets...
Tax Glossary
What Is “Federal income tax withholding”?
Federal income tax withholding is the amount of money an employer takes out of an employee’s paycheck and sends directly...
Tax Glossary
What Is “Fair market value”?
Fair market value (FMV) is the price an asset would sell for on the open market between a willing buyer...
Tax Glossary
What Is “Estimated tax for self-employed”?
Estimated tax for the self-employed is a “pay-as-you-go” method used to pay both income tax and self-employment tax on earnings...