Even in Commercial Relationships, If the Parties Make It Absolutely

question 38

True/False

Even in commercial relationships, if the parties make it absolutely clear that they don't intend the arrangement to be legally binding on them, the agreement will not be enforceable in court.

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Definitions:

Tax Liability

The total amount of tax owed to the IRS or other tax authorities after all deductions, credits, and exemptions.

Semiweekly Depositor

A semiweekly depositor is a business that must deposit employment taxes on Wednesdays or Fridays, depending on the day wages are paid, due to the size of its payroll.

FICA Withholding

Refers to the payroll taxes automatically deducted from an employee's paycheck to fund Social Security and Medicare programs.

Two Jobs

A situation where an individual is employed in two different positions at the same time, impacting income and possibly tax calculations.