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BUSSINESS HOMEWORK HELP! please?

W-4 Form

Deduction-

Exemption-

what is a w-2 form? what information does it contain

What is FICA"? what does the money collected from your pyback prove consumers?

Federal income tax in considered to be progressive/regressive and dirrect/ indirect

5 elements of a conttract- ?

what isconsideration-

avoidable contracts-

List 5 provision when a contract mst be in writing.

2 Answers

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  • StanS
    Lv 6
    1 decade ago
    Favorite Answer

    Form W-4 is a tax form used by the United States Internal Revenue Service. The form is used by employers to determine the correct amount of tax withholding to deduct from employees' wages.

    A tax deduction represents an expense incurred by a taxpayer. It is subtracted from gross income when the taxpayer computes his or her income taxes. As a result, the tax deduction will lower overall taxable income and thus lower the amount of tax paid.

    A tax exemption is an exemption from all or certain taxes of a state or nation in which part of the taxes that would normally be collected from an individual or an organization are instead foregone.

    Normally a tax exemption is provided to an individual or organization which falls within a class which the government wishes to promote economically, such as charitable organizations. Tax exemptions are usually meant to either reduce the tax burden on a particular segment of society in the interests of fairness or to promote some type of economic activity through reducing the tax burden on those organizations or individuals who are involved in that activity.

    The Federal Insurance Contributions Act (FICA) tax is a United States payroll (or employment) tax imposed by the federal government on both employees and employers to fund Social Security and Medicare—federal programs that provide benefits for retirees, the disabled, and children of deceased workers. Social Security benefits include old-age, survivors, and disability insurance; Medicare provides hospital insurance benefits. The amount that one pays in payroll taxes throughout one's working career is directly tied to the social security benefits annuity that one receives as a retiree.

  • 4 years ago

    I rather have 9 products of homework to do nonetheless :( 2 competitions they entered me in that i do no longer elect to do 2 maths homework issues 2 technology homework products 2 English initiatives a million revision products for a French try

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