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Tax Glossary
What Is “Monthly deposit schedule”?
A monthly deposit schedule is a timeline set by the IRS requiring employers to deposit their payroll taxes once a...
Tax Glossary
What Is “Medicare tax”?
Medicare tax is a federal payroll tax used to fund the Medicare program in the United States. This program provides...
Tax Glossary
What Is “Lookback period”?
A lookback period is a specific window of time in the past that the IRS examines to determine which tax...
Tax Glossary
What Is “Liabilities”?
Liabilities are financial debts or legal obligations that an individual or business owes to another party. In the world of...
Tax Glossary
What Is “HRA”?
An HRA, or Health Reimbursement Arrangement, is an employer-funded plan that reimburses employees for qualified medical expenses and, in some...
Tax Glossary
What Is “Holding period”?
A holding period is the total length of time you own an asset, measured from the day after you acquire...
Tax Glossary
What Is a “Gig Worker”?
A gig worker is an individual who earns income by providing on-demand services, often through a digital platform, app, or...
Tax Glossary
What Is “FUTA tax”?
FUTA tax stands for the Federal Unemployment Tax Act. It is a federal payroll tax paid exclusively by employers to...
Tax Glossary
What Is “Form W-9”?
Form W-9 is an IRS document used by businesses to request the legal name and Taxpayer Identification Number (TIN) of...
Tax Glossary
What Is “Form W-3”?
Form W-3, officially titled “Transmittal of Wage and Tax Statements,” is a summary document that employers send to the Social...