Examlex
Expenditures which do not add to the value or prolong the life of property may be expensed in the year in which they are incurred.
Federal Income Tax
A charge imposed by the national government on the yearly income of persons, businesses, trusts, and other legal bodies.
FICA-OASDI
Refers to the Social Security portion of the Federal Insurance Contributions Act tax, funding retirement, disability, and survivor benefits.
FUTA
The Federal Unemployment Tax Act, legislation that imposes a payroll tax on businesses to fund state workforce agencies.
SUTA
Refers to the State Unemployment Tax Act, a tax imposed by individual states on employers to fund unemployment benefits.
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