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Tax Glossary
What Is “Payroll withholding”?
Payroll withholding is the portion of an employee’s gross earnings that an employer legally subtracts from a paycheck and sends...
Tax Glossary
What Is “Payroll Tax”?
Payroll tax is a specific type of tax withheld from an employee’s salary or paid by an employer based on...
Tax Glossary
What Is “P&L statement”?
What Is a P&L Statement? A P&L statement, short for Profit and Loss statement, is a financial report that summarizes...
Tax Glossary
What Is “Owner’s Draw”?
An owner’s draw is a method where a business owner takes money out of their business for personal use. Instead...
Tax Glossary
What Is “Noncovered security”?
A noncovered security is an investment for which your brokerage firm is not legally required to report the “cost basis”...
Tax Glossary
What Is “Original basis”?
Original basis is the starting dollar value of an asset when you first acquire it. It represents your initial financial...
Tax Glossary
What Is “Noncapital asset”?
A noncapital asset is a specific type of property that the IRS excludes from the definition of a capital asset....
Tax Glossary
What Is “Net earnings from self-employment”?
Net earnings from self-employment is the amount of profit from your business that is subject to self-employment tax. It is...
Tax Glossary
What Is “Nanny tax”?
The nanny tax refers to the federal payroll taxes that a household employer must pay if they hire someone to...
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...