Instructions: Identify the Following

question 105

Short Answer

Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term.
Fourteen Points

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Definitions:

Federal Income Taxes

Taxes levied by the IRS on the annual earnings of individuals, corporations, trusts, and other legal entities.

Defined Contribution Plans

Retirement plans in which the amount invested in the plan is defined, but the future benefit to be received is not.

401k Plan

A retirement savings plan sponsored by an employer allowing employees to save and invest a portion of their paycheck before taxes are taken out.

Payroll Taxes

Taxes that are taken out of employee's paychecks by the employer, including federal and state income taxes and Social Security and Medicare taxes.