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Cafeteria Plan
A cafeteria plan is a type of employee benefit Employment is the relationship between two parties Image:'Hip, Hip, Hurrah! Artist Festival at Skagen', by Peder Severin Krøyer (1888) Demisted with DXO PhotoLab Clearview; cropped away black border edge.jpg, 300px, ''Hip, Hip, Hurrah!'' ... plan offered in the United States pursuant to Section 125 of the Internal Revenue Code The Internal Revenue Code (IRC), formally the Internal Revenue Code of 1986, is the domestic portion of federal statutory tax law in the United States, published in various volumes of the United States Statutes at Large The ''United States Sta .... Its name comes from the earliest such plans that allowed employees to choose between different types of benefits, similar to the ability of a customer to choose among available items in a cafeteria A cafeteria, sometimes called a canteen outside the U.S. The United States of America (USA), commonly known as the United States (U.S. or US) ...
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Employee Benefit
Employment is the relationship between two parties Image:'Hip, Hip, Hurrah! Artist Festival at Skagen', by Peder Severin Krøyer (1888) Demisted with DXO PhotoLab Clearview; cropped away black border edge.jpg, 300px, ''Hip, Hip, Hurrah!'' (1888) by Peder Severin Krøyer, a painting portraying an ..., usually based on a contract A contract is a legally binding agreement that defines and governs the rights and duties between or among its parties Image:'Hip, Hip, Hurrah! Artist Festival at Skagen', by Peder Severin Krøyer (1888) Demisted with DXO PhotoLab Clearview ... where work is paid for, where one party, which may be a corporation A corporation is an organization—usually a group of people or a company—authorized by the State (polity), state to act as a single entity (a legal entity recognized by private and public law "born out of statute"; a legal person in legal ..., for profit Business is the activity of making one's living or making money b ...
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Internal Revenue Code
The Internal Revenue Code (IRC), formally the Internal Revenue Code of 1986, is the domestic portion of federal statutory tax law in the United States, published in various volumes of the United States Statutes at Large The ''United States Statutes at Large'', commonly referred to as the ''Statutes at Large'' and abbreviated Stat., are an official record of Acts of Congress An Act of Congress is a statute enacted by United States Congress, Congress. Acts can ..., and separately as Title 26 of the United States Code The Code of Laws of the United States of America (variously abbreviated to Code of Laws of the United States, United States Code, U.S. Code, U.S.C., or USC) is the official compilation and codification Codification may refer to: *Codification ( ... (USC). It is organized topically, into subtitles and sections, covering income tax in the United States Income taxes in the United States are imposed by the Federal government of the United States, federal govern ...
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Cafeteria
A cafeteria, sometimes called a canteen outside the U.S. The United States of America (USA), commonly known as the United States (U.S. or US), or America, is a country primarily located in North America North America is a continent entirely within the Northern Hemisphere and almost all ..., is a type of food service Food service (US English) or catering industry (British English) defines those businesses, institutions, and companies responsible for any meal prepared outside the home. This industry includes restaurant A restaurant (), or an eatery, is a ... location in which there is little or no waiting staff Waiting staff (British English), waitstaff (North American English), waiters (male)/waitresses (female) or servers (North American English), are those who work at a restaurant or a Bar (establishment), bar and sometimes in private homes, att ... table service, whether a restaurant A restaurant is a business Business is the ac ...
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Gross Income
For households and individuals, gross income is the sum of all wages A wage is the distribution from an employer Employment is the relationship between two party (law), parties, usually based on a employment contract, contract where work is paid for, where one party, which may be a corporation, for profi ..., salaries A salary is a form of payment from an employer to an employee, which may be specified in an employment contract. It is contrasted with piece wage A wage is the distribution from an employer Employment is a relationship between two parties ..., profits, interest payments, rents, and other forms of earnings, before any deductions or taxes. It is opposed to net income In business Business is the activity of making one's living or making money by producing or buying and selling products (such as goods and services). Simply put, it is "any activity or enterprise entered into for profit." Having a busin ..., defined as the gross income mi ...
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Deferred Compensation
Deferred compensation is an arrangement in which a portion of an employee's income In microeconomics Microeconomics is a branch of mainstream economics Mainstream economics is the body of knowledge, theories, and models of economics, as taught by universities worldwide, that are generally accepted by economists as a bas ... is paid out at a later date after which the income was earned. Examples of deferred compensation include pension A pension (, from Latin Latin (, or , ) is a classical language A classical language is a language A language is a structured system of communication Communication (from Latin ''communicare'', meaning "to share" or "to be ...s, retirement plan A pension (, from Latin Latin (, or , ) is a classical language belonging to the Italic languages, Italic branch of the Indo-European languages. Latin was originally spoken in the area around Rome, known as Latium. Through the power of ...s, and employee stock ...
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Flexible Spending Account
In the United States, a flexible spending account (FSA), also known as a flexible spending arrangement, is one of a number of tax-advantaged financial accounts, resulting in payroll tax savings. One significant disadvantage to using an FSA is that funds not used by the end of the plan year are forfeited to the employer, known as the "use it or lose it" rule. Under the terms of the Affordable Care Act however a plan may permit an employee to carry over up to $550 into the following year without losing the funds but this does not apply to all plans and some plans may have lower limits. The most common type of flexible spending account, the medical expense FSA (also medical FSA or health FSA), is similar to a health savings account A health savings account (HSA) is a tax-advantaged medical savings account available to taxpayers in the United States The United States of America (USA), commonly known as the United States (U.S. or US), or America, is a country Contig ... ( ...
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Federal Insurance Contributions Act Tax
The Federal Insurance Contributions Act (FICA ) is a United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country Continental United States, primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., ... federal payroll A payroll is the list of employees of some company that is entitled to receive payments as well as other work benefits and the amounts that each should receive. Along with the amounts that each employee should receive for time worked or tasks per ... (or employment) contribution directed towards both employees and employers to fund Social Security Welfare (or commonly, social welfare) is a type of government support intended to ensure that members of a society can meet basic human needs Maslow's hierarchy of needs is an idea in psychology Psychology is the science of mind and ... and Medicare—federal programs that provide benef ...
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Federal Unemployment Tax Act
The Federal Unemployment Tax Act (or FUTA, ) is a United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country Continental United States, primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., ... federal law Federal law is the body of law Law is a system A system is a group of Interaction, interacting or interrelated elements that act according to a set of rules to form a unified whole. A system, surrounded and influenced by its envir ... that imposes a federal employer tax used to help fund state workforce agencies. Employers report this tax by filing an annual Form 940 with the Internal Revenue Service The Internal Revenue Service (IRS) is the revenue service A revenue service, revenue agency or taxation authority is a government agency responsible for the intake of government revenue, including taxes and sometimes non-tax revenue. ...
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Acne Vulgaris
Acne, also known as acne vulgaris, is a long-term skin condition A skin condition, also known as cutaneous condition, is any medical condition A disease is a particular abnormal condition that negatively affects the structure or function of all or part of an organism, and that is not due to any imm ... that occurs when dead skin cells and oil from the skin clog hair follicle The hair follicle is an organ Organ may refer to: Biology * Organ (anatomy) An organ is a group of Tissue (biology), tissues with similar functions. Plant life and animal life rely on many organs that co-exist in organ systems. A given orga ...s. Typical features of the condition include blackheads or whiteheads, pimple A pimple is a kind of comedo A comedo is a clogged hair follicle The hair follicle is an organ found in mammalian skin. It resides in the dermal layer of the skin and is made up of 20 different cell types, each with distinct functions. The ...s, oily skin, ...
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Taxation In The United States
The United States of America The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country Continental United States, primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., ... has separate federal Federal or foederal (archaic) may refer to: Politics General *Federal monarchy, a federation of monarchies *Federation, or ''Federal state'' (federal system), a type of government characterized by both a central (federal) government and states or ..., state State may refer to: Arts, entertainment, and media Literature * ''State Magazine'', a monthly magazine published by the U.S. Department of State * The State (newspaper), ''The State'' (newspaper), a daily newspaper in Columbia, South Carolina, Un ..., and local government Local government is a generic term for the lowest tiers of public administration Public administration is the implementation of government policy ...
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Payroll Taxes In The United States
Payroll taxes are taxes imposed on employers or employees, and are usually calculated as a percentage of the salaries that employers pay their employees. By law, some payroll taxes are the responsibility of the employee and others fall on the employer, but almost all economists agree that the true Tax incidence, economic incidence of a payroll tax is unaffected by this distinction, and falls largely or entirely on workers in the form of lower wages. Because payroll taxes fall exclusively on wages and not on returns to financial or physical investments, payroll taxes may contribute to underinvestment in human capital such as higher education. National payroll tax systems Australia The Australian federal government (Australian Taxation Office, ATO) requires withholding tax on employment income (payroll taxes of the first type), under a system known as Pay-as-you-go tax, pay-as-you-go (PAYG). The individual states impose payroll taxes of the second type. Bermuda In Bermuda, p ...
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Corporate Tax In The United States
Corporate tax is imposed in the United States at the federal, most state, and some local levels on the income of entities treated for tax purposes as corporations. Since January 1, 2018, the nominal federal corporate tax rate in the United States of America is a flat 21% due to the passage of the Tax Cuts and Jobs Act of 2017. State and local taxes and rules vary by jurisdiction, though many are based on federal concepts and definitions. Taxable income may differ from book income both as to timing of income and tax deductions and as to what is taxable. The corporate Alternative Minimum Tax was also eliminated by the 2017 reform, but some states have alternative taxes. Like individuals, corporations must file Tax return (United States), tax returns every year. They must make quarterly estimated tax payments. Groups of corporations controlled by the same owners may file a consolidated return. Some corporate transactions are not taxable. These include most formations and some types ...
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