Suta
SUTA - State Unemployment Tax levied on employer to provide funds for unemployed workers; rate is adjusted for employer history of layoffs, etc.
2 min read
taxation
Taxation
W-2
W-2 - An annual statement provided to employees stating the amount of earnings and withholdings; assists employee in preparing their own tax returns
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financial reporting
taxation
W-4
W-4 - A form filled out by an employee stating the amount of exemptions to which they are entitled for tax purposes; such exemptions bear on the amount of in...
2 min read
financial reporting
taxation
Modified Accelerated Cost Recovery System
Modified Accelerated Cost Recovery System - A "depreciation" approach common to the tax code; generally permits more rapid "recovery" of asset cost than GAAP...
2 min read
cost accounting
accounting fundamentals
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Net Pay
net pay - Also known as net earnings; this is the gross pay less all applicable deductions ("take home pay")
2 min read
taxation
Public Accounting
public accounting - Accounting activities provided by a person to the general public, typically relating to audit, tax and similar services
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taxation
auditing
EBIT
EBIT - An analyst's calculation to reflect "earnings before interest and taxes"
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taxation
EBITDA
EBITDA - An analyst's calculation to reflect "earnings before interest, taxes, depreciation, and amortization"
2 min read
taxation
Fica
FICA - Federal Insurance Contributions Act (also known as social security and Medicare); establishes a tax that employers must withhold and match for governm...
2 min read
taxation
Form 1099
Form 1099 - A form required to be issued to an independent contractor reporting amounts paid; to assist with tax compliance issues (this form used to report ...
2 min read
taxation
auditing
Futa
FUTA - Federal Unemployment Tax levied on employer to provide funds for unemployed workers; rate is dependent on existence of SUTA and employer history of la...
2 min read
taxation
Gross Pay
gross pay - Also known as gross earnings; this it is the total amount earned by an employee before any deductions
2 min read
taxation
Income Taxes
income taxes - Taxes that are based on the amount income; for employees such amounts must be withheld by employers and remitted to the government
2 min read
financial reporting
taxation
Intraperiod Tax Allocation
intraperiod tax allocation - Separately reported items like discontinued operations, prior period adjustments, and other comprehensive income, are to reporte...
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financial reporting
taxation
Committed Fixed Cost
committed fixed cost - Costs that arise from an organization's commitment to engage in operations; unavoidable elements like depreciation, rent, insurance, p...
2 min read
cost accounting
taxation