Examlex
Identification
-Nicene Creed
FUTA Purposes
Relates to the Federal Unemployment Tax Act, which imposes a payroll tax on businesses to fund state workforce agencies.
Federal Income Tax
This is a tax levied by the U.S. federal government on the annual earnings of individuals, corporations, trusts, and other legal entities.
Withholding Allowances
Claims made on an employee's W-4 form that determine the amount of federal income tax withheld from their paycheck.
Gross Wages
Gross wages are the total earnings of an employee before any deductions like taxes, retirement contributions, and health insurance premiums are made.