Federal tax law refers to every statute, regulation, court decision, and other legal authority relating to the imposition of any tax by the federal government of the United States.
Other authorities include decisions and...
taxation
Federal Unemployment Tax Act (FUTA)
Federal Unemployment Tax Act (FUTA) was the bill passed in 1939 that established a payroll tax to fund unemployment benefits. The tax is 6% of the first $7,000 that each employee makes in a year, and the employer is responsible for all of the...
foundation
Evidence
The basis for admitting testimony or evidence into evidence. For example, an attorney must lay a foundation in order to admit an expert witness testimony or a company's business records into evidence. Laying a foundation establishes...
franchise tax
The franchise tax is a kind of tax that is imposed by state law on businesses or corporations chartered within that state. The states charge this tax for the right of the business or corporation to exist as a legal entity and to do business...
freelancer
A freelancer is not an employee for any organization and is essentially an independent contractor who gets paid on a per-job basis. Unlike an employee, a freelancer has the freedom to complete different jobs simultaneously given there is no...
fringe benefit
Fringe benefits are various non-wage employee benefits that are in addition to normal wages. Some fringe benefits are exempt from tax, provided certain conditions are satisfied. Section 132 of the Internal Revenue Code lists all the fringe...
gains
Gains are the output over the basic expense of an investment, or the increment of the asset. Selling different assets will result in different gains or losses, which will be charged with different tax rates. For example, the gain from the...
gift tax
Gift tax is a Federal tax levied on any gift, or combination of gifts, from one person to another that exceeds the annual exclusion amount. The annual exclusion amount varies by year but is $16,000 per person as of 2022. This exclusion means...
goods and chattels
Goods and chattels generally refer to property that is not real estate, but the extent of the terms' coverage of property is highly challenged and jurisdiction specific. In common law, the term broadly included any moveable property or...
gross income
Gross income refers broadly to any income an individual or company receives except that which is excluded by the internal revenue code (IRC) such as gifts and child support.
For individuals, gross income refers to the broad...