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The sight draft specifies that the bank will pay a specified sum of money to the exporter upon the presentation of specified documents.
Unemployment Tax
A tax imposed by governments on employers based on the wages paid to employees, used to fund unemployment compensation programs.
FICA Tax
A federal tax in the United States, consisting of a Social Security tax and a Medicare tax, deducted from employees' paychecks to fund these programs.
Payroll Information Sheet
A document that contains details about an employee's salary, deductions, and other payroll-related information.
Social Security Number
A unique nine-digit number assigned to individuals in the United States for tracking earnings and benefits within the social security system.
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