taxation

Excise

An indirect ad valorem tax on the manufacture, sale or use of locally produced goods.

Excise Tax

An Excise Tax is a tax on a specific item, belonging to a special class of items.

The classes of items are frequently specialty or luxury items.

Some everyday examples:

A Federal excise tax is levied on motor fuel consumed during highway...

Exemption

Definition from Nolo’s Plain-English Law Dictionary1) In tax law, an amount taxpayers are allowed to deduct from their taxable income based on a circumstance or their status. Each year, taxpayers get an exemption for themselves, each dependent, blindness...

Federal Gift Tax

The federal gift tax is a tax levied by the federal government on a donor who transfers property to a donee without the donee giving consideration in return. The gifted property must be in an amount above the limit set by the federal government in...

Federal Tax Deposits (FTD)

Definition from Nolo’s Plain-English Law DictionaryThe biweekly or monthly deposit an employer is required make in a federal depository (bank) to submit payroll taxes withheld from employees, as well as employer contributions for Social Security and...

Federal Tax Law

Every statute, regulation, court decision, and other legal authority relating to the imposition of any tax by the federal government of the United States.

Other authorities include decisions and advice issued by the Internal Revenue Service,...

Federal Unemployment Tax Act (FUTA)

Federal legislation permitting the government to impose a tax on business in order to fund state unemployment agencies. Employers must file a Form 940 annually to report this tax.

Franchise Tax

A state law levied on businesses or corporations chartered within that state. The tax is typically based on the net worth of the taxpaying entity, rather than on income.

Freelancer

Definition from Nolo’s Plain-English Law DictionarySee: independent contractor

Definition provided by Nolo’s Plain-English Law Dictionary.

Fringe Benefit

Various non-wage employee benefits that are in addition to normal wages. Some fringe benefits are exempt from taxation, provided certain conditions are satisfied.

Examples of fringe benefits are health insurance, life insurance and employee...

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