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In May 2012, after 11 months on a new job, Ken is fired after he assaults a customer. Ken must include in his gross income for 2012 any deduction for moving expenses he may have claimed on his 2011 tax return.
FICA Withholding
Taxes deducted from employees’ paychecks for Social Security and Medicare, based on the Federal Insurance Contributions Act.
Federal Income Tax
The tax levied by the IRS on the annual earnings of individuals, corporations, trusts, and other legal entities.
FUTA Taxes
Federal Unemployment Tax Act (FUTA) taxes are federal employer taxes that contribute to state workforce agencies to fund unemployment benefits.
Tax Liability
The total amount of tax owed by an individual, corporation, or other entity to a taxing authority.
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