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Definitions:

FICA Taxes

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

SUTA Taxes

State Unemployment Tax Act taxes are state unemployment taxes employers are required to pay to provide funds for paying unemployment compensation to laid-off employees.

Form 1040-ES

A form used by taxpayers, primarily self-employed individuals, to estimate and pay their quarterly taxes to the IRS.

Estimated Payments

Quarterly payments made towards the expected tax liability for the year, common for self-employed individuals or those without sufficient tax withholding.

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