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Tax Glossary
What Is “ Form 945 ”?
Form 945 is an annual tax return used by businesses and other entities to report federal income tax withheld from...
Tax Glossary
What Is “Form 944”?
Form 944 is the Employer’s Annual Federal Tax Return. It is a simplified tax form designed for the smallest employers,...
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...