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Today's Terms
Compulsory payroll tax
Definition:
An automatic tax collected from employers and employees to finance specific programs.
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 income tax
Definition:
The federal government levies a tax on personal income. The federal income tax provides for national programs such as defense, foreign affairs, law enforcement, and interest on the national debt.
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State Statutes Resource Center 