PROMISSORY NOTE Definition

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PROMISSORY NOTE, usually just called a note, is a NEGOTIABLE INSTRUMENT wherein the maker agrees to pay a specific sum at a definite time.

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TAXABLE BENEFITS are employer provided "non-cash" taxable compensation or fringe benefits, such as employer-provided vehicles, complementary tickets, and graduate level educational assistance, are subject to federal income, state income, social security, and Medicare tax rules. According to Internal Revenue Code Section 1.61-1, all compensation paid to, or on behalf of, an employee constitutes wages subject to income and employment tax withholding, unless specifically excluded by IRS code.

LEVY is to impose and collect a charge.

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