Going through my files that I have on my computer going far back as the
late 90s I came across this very interesting website offered by the Internal Revenue Service United States Department of the Treasury.
Going through the website going through the glossary I find some interesting facts.
business
A continuous and regular activity that has income or profit as its primary purpose. [See the distinction "income or profit"?]
bonus
Compensation received by an employee for services performed. A bonus is given in addition to an employee's usual compensation.
Federal Insurance Contributions Act (FICA) Tax
Provides benefits for retired workers and their dependents as well as for disabled workers and their dependents. Also known as the Social Security tax.
indirect tax
A tax that can be shifted to others, such as business property taxes.
How & Would §83 be applicable in the following?
When a man receives the excess over and above the cost for services that excess will be included in gross income!
salary
Compensation received by an employee for services performed. A salary is a fixed sum paid for a specific period of time worked, such as weekly or monthly.
wages
Compensation received by employees for services performed. Usually, wages are computed by multiplying an hourly pay rate by the number of hours worked.
commission
Compensation received by an employee for services performed. Commissions are paid based on a percentage of sales made or a fixed amount per sale.
