taxes

Federal Unemployment Tax Act (FUTA)

A federal program that provides temporary financial assistance to unemployed workers who lose their jobs through no fault of their own.

Income Tax

A tax imposed on the income generated by an individual or business, divided into federal, state, and local income tax.

Medicare Tax

A tax that funds health insurance for citizens 65 years of age and older, and for younger people receiving disability benefits through Social Security.

Progressive Tax System

A tax system where the tax rate increases as the taxpayer's income increases.

Property Tax

A tax imposed on real estate or other forms of property, calculated based on the value of the property.

Sales Tax

A consumption tax paid by the end consumer of goods and services, collected and remitted by the seller to the appropriate government agency.

Social Security Tax

A tax that funds financial assistance for retirement, disability, and survivors.

State Unemployment Tax Act (SUTA)

A state program that provides temporary financial assistance to unemployed workers who lose their jobs through no fault of their own.

Tax Liability

The amount of money owed by a person or organization to a taxing authority, like the federal, state, and local governments.

Taxes

Mandatory payments made by individuals and businesses to governments.