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Today's Terms
Form W-4, Employee's Withholding Allowance Certificate
Definition:
Completed by the employee and used by the employer to determine the amount of income tax to withhold.
Meal Expense Deduction
Definition:
Generally, you can deduct only 50% of your business-re-lated meal expenses while traveling away from your tax home for business purposes. Also, you can generally deduct only 50% of certain reimbursements you make to your employees for meal expenses they incur while traveling away from home on business.
Federal Insurance Contributions Act (FICA) Tax
Definition:
Provides benefits for retired workers and their dependents as well as for disabled workers and their dependents. Also known as the Social Security tax.
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