WELL!
Squirting is an involuntary physical response to intense stimulation, and is the result of a sudden relaxation a certain sphincter, which allows a release of fluid which passes through the bladder. The fluid is usually clear, watery and odourless and can be released at the point of orgasm, or without orgasm at all.
Female ejaculation is the release of fluid from the skenes gland. It's usually thicker, has a whitish colour and is released at the point of climax. Sometimes it's almost undetectable as it can be a small amount and often remains inside the vagina.
Sometimes the liquid released during squirting contains female ejaculate - this is when the person has orgasmed at the same time.
However, a lot of the time, the fluid released during squirting contains no female ejaculate.
This is why a lot of people report squirting feeling less intense than a 'squirtless' orgasm, because quite often, they haven't actually come.