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icome and taxes
| Question | Answer |
|---|---|
| A deviation from the basis grade or location allowable when delivering commodities under the terms of a futures contract. Allowances represent a premium or discount to the standards outlined in the futures agreement | 1. Allowance |
| Amount of all you earned for the year added together | 2. Accumulated |
| paid entirely or partially with commissions from sales one has made or for work one has done | 3. Commissions |
| The action of deducting or subtracting something | 4. Deduction |
| An individual whom a taxpayer can claim for credits and/or exemptions. A dependent is an individual, such as a qualifying | 5. Dependent |
| Electronic funds that are deposited directly into your bank account rather than through a paper check. Common uses of a direct deposit include income tax refunds and pay checks | Direct Deposit |
| Income derived from active participation | Earned Income |
| A person employed for wages or salary, esp. a nonexecutive. | Employee |
| A person or organization that employs people | Employer |
| 2.The process of exempting a person from paying taxes on a specified amount of income for themselves and their dependents | Exemptions |
| An income tax is a tax levied on the income of individuals or businesses (corporations or other legal entities). Various income tax... | Federal Income Tax |
| Federal Insurance Contributions Act. | FICA |
| Gross income in United States tax law is receipts and gains from all sources less cost of goods sold. Gross income is the starting point... | Gross Income |
| Money received, esp. on a regular basis, for work or through investments. Money received, esp. on a regular basis, for work or through investments. Money received, esp. on a regular basis, for work or through in | Income |
| The Federal government has set forth that employers must make deductions from employees’ paychecks for Social Security and Medicare... | Medicare Tax |
| Income minus any taxes or deductions - take home pay | Net Income |
| The Federal Insurance Contributions Act (FICA) tax is a United States payroll (or employment) tax imposed by the federal government on... | Social Security Tax |
| W-2 Forms) Wage and Tax Statement. The form used to report wages, tips, other compensation, withheld income and social security taxes,... | W-2 Form |
| IRS tax forms are used by taxpayers and tax-exempt organizations to report financial information to the Internal Revenue Service (IRS)... | W-4 Form |
| A portion of an employee's wages or salary withheld by the employer as partial payment of the employee's income tax. | Withholding |
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derricka
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