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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 “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 “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 “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...
Tax Glossary
What Is “Equity”?
In the simplest terms, equity is the value of an asset you truly “own” after subtracting any debts or liabilities...
Tax Glossary
What Is “Employment tax”?
Employment tax is a broad term used by the IRS to describe the various taxes that must be paid when...
Tax Glossary
What Is “Employer tax deposit”?
An employer tax deposit is the actual payment of payroll taxes that a business owner sends to the IRS. This...
Tax Glossary
What Is “Distribution”?
A distribution is a payment of cash, stock, or physical assets from an entity—such as a business or a retirement...