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What Is the Standard That Specifies the Format of Data

question 235

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What is the standard that specifies the format of data as well as the rules to be followed during transmission?


Definitions:

Federal Income Taxes

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

Payroll Taxes

Taxes imposed on employers or employees, usually calculated as a percentage of the salaries that employers pay their staff.

Net Pay

The amount paid the employee, calculated as gross pay less payroll deductions.

FICA Taxes

Taxes imposed on both employers and employees to fund Social Security and Medicare.

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