U.S. Tax System

August 31, 2024 4 min read Definitions

FICA Taxes: The Combined Taxes for Social Security and Medicare

Finance Taxes FICA Social Security Medicare Payroll Tax U.S. Tax System

FICA Taxes, the combined taxes for Social Security and Medicare, are essential contributions collected from both employees and employers to fund critical social insurance programs in the United States.

August 31, 2024 4 min read Definitions

IRS Form 1116: Calculating and Claiming the Foreign Tax Credit

Finance Taxes Accounting Foreign Tax Credit IRS Forms Taxation U.S. Tax System International Income

IRS Form 1116 is used by U.S. taxpayers to calculate and claim the Foreign Tax Credit for income taxes paid or accrued to foreign countries or U.S. possessions.

August 31, 2024 3 min read Definitions

IRS Form W-9: Provide Taxpayer Identification Number (TIN)

Taxes Accounting IRS Tax Forms TIN Compliance U.S. Tax System

IRS Form W-9 is a document used in the United States by individuals and entities to provide their Taxpayer Identification Number (TIN) to the requester for tax purposes.