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| Form W2 | is a form given to each employee at the end of the year and contains a summary of the income you earned for the year and all amounts the employer withheld for taxes. |
| Federal Unemployment Tax Acts (FUTA) Or State Unemployment Tax Act (SUTA) | is a percentage of employees' gross earnings paid by employers for unemployment. |
| Federal Tax Deposit Coupon (Form 8109) | is a form prepared by the employer to send in FICA and federal income taxes to the federal government. |
| Electronic Federal Tax Payment System (EFTPS) | is a means of transferring federal taxes electronically to the U. S. Government. |
| Form 940 | is used to report the employer's unemployment (state and federal) taxes. |
| Form 941 | is a form used by the employer to report quarterly taxes consisting of both FICA and federal. |
| Sales Taxes | are taxes levied on a variety of goods and services collected at the time of the sale. |
| Progressive Tax | is one which the more a person earns, the greater the percentage of tax the person pays. |
| Regressive Tax | is one which all people pay the same dollar amount, but the percentage of the tax declines as the tax base rises. |
| Excise Tax | is levied on specific commodities, such as tobacco, tires, or liquor. |
| Tariff | is a tax on items coming into a country. |
| Quota | is a limit on the quantity of a product that may enter a country. |
| Property Tax | is a tax on real estate or personal property; the largest source of revenue for most local governments. |
| Personal Property Tax | is a tax on such items as furniture, machinery, and equipment. |
| Estate Tax | is levied by the federal government on property transferred from deceased people to their heirs. |
| Inheritance Tax | is one paid by the heir who receives property from a deceased person's estate. |
| Gift Tax | is on a gift of money or property to be paid by the giver, not the receiver, of the gift. |
