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Income and Taxes
| Question | Answer |
|---|---|
| 2.A sum of money paid regularly to a person, typically to meet specified needs or expenses | Allowance |
| An accounting term applicable to stockholders of closely held busininess | Accumulated Earnings |
| An amount of money, typically a set percentage of the value involved, paid to an agent in a commercial transaction | Commissions |
| the dividend will be paid without deduction of tax | Deduction |
| 5. - the various benefits will be dependent on length of service the various benefits will be dependent on length of service | Dependent |
| 1.The electronic transfer of a payment directly from the account of the payer to the recipient's account | Direct Deposit |
| Money derived from paid work | Earned Income |
| .A person employed for wages or salary, esp. at nonexecutive level | 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 |
| Federal Insurance Contributions Act | FICA |
| Total income before taxes or expenses are deducted | Gross Income |
| 1.Money received, esp. on a regular basis, for work or through investments | Income |
| The Federal government has set forth that employers must make deductions from employees’ paychecks for Social Security and Medicare taxes - known as FICA (Federal Insurance Contributions Act). | Medicare Tax |
| the excess of revenues over outlays in a given period of time (including depreciation and other non-cash expenses | Net Income |
| tax used to fund a program of the US government that gives money to elderly people. | Social Security Tax |
| A tax form that you get from your employer that reports your wages earned for the year, state and federal taxes withheld. | 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 |
| Refuse to give (something that is due to or is desired by another): "the withholding of consent to treatment". | Withholding |
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alexis92311
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