Examlex
A small retailer hired an accountant to run its payroll and pay its taxes. The accountant provided the retailer with:
Self-Employment Tax
A levy that encompasses Social Security and Medicare contributions, mainly targeted at individuals who are self-employed.
Pharmaceutical Company
A business involved in the research, development, manufacturing, and distribution of medications.
Self-Employment Income
Self-Employment Income refers to earnings derived from one’s own business, professional practice, or freelance work, as opposed to earning a salary or wages from an employer.
MACRS
The Modified Accelerated Cost Recovery System, a method of depreciation in the U.S. for tax purposes, allowing for accelerated asset expense deductions over time.
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