Out of Service
typically seen in the trucking industry but when the DOT or regulatary agency deem a truck or place of business to be unsafe for operation
Payroll
is the act of paying individuals
Payroll Taxes
include, unemployment tax, social security, and medicare. Typically due every quarter.
Self Employed
is when you work for yourself
Self Employment Tax
is when a person is self employed, you are responsible for your own taxes. Whereas when you are working for an employer, the employer is responible for half, as a self employed person you are responsible for everything.
Standard Deduction
is the minimum the federal government allocated to taxpayers based on marriage status and determined by the government.
Voluntary reliquished
when you let go of your license. For example when your turn off essentially your USDOT.