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Income and Taxes
| Question | Answer |
|---|---|
| A sum of money paid regularly to a person, typically to meet specified needs or expenses. | Allowance |
| is a penalty tax | Accumulated Earnings |
| A sum of money paid regularly to a person, typically to meet specified needs or expenses. | Allowance |
| is a penalty tax | Accumulated Earnings |
| salary is the money paid to you when you sell a product or service for a company. Instead of paying you a guaranteed ... | Commissions |
| An amount that is or may be deducted from something, esp. from taxable income or tax to be paid. | Deduction |
| relying on someone or something else for aid support etc. | Dependent |
| A sum of money paid regularly to a person, typically to meet specified needs or expenses. | Allowance |
| Money derived from paid work | Earned Income |
| is a penalty tax | Accumulated Earnings |
| salary is the money paid to you when you sell a product or service for a company. Instead of paying you a guaranteed ... | Commissions |
| A person employed for wages or salary, esp. a nonexecutive | Employee |
| An amount that is or may be deducted from something, esp. from taxable income or tax to be paid. | Deduction |
| 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 |
| relying on someone or something else for aid support etc. | Dependent |
| Federal income tax is a system overseen by the IRS which collects money based on your earned income | 11. Federal Income Tax |
| 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. 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 |
| Federal income tax is a system overseen by the IRS which collects money based on your earned income | Federal Income Tax |
| Under the Federal Insurance Contributions Act (FICA) 12.4% of earned income up to an annual limit must be paid into Social Security, and an additional 2.9% must be paid into Medicare. | FICA |
| Gross income in United States tax law is receipts and gains from all sources less cost of goods sold | Gross Income |
| Money received, esp. on a regular basis, for work or through investments. | Income |
| the amount withheld by your employer from your paycheck that helps cover the cost of running the Medicare ... | Medicare Tax |
| the excess of revenues over outlays in a given period of time (including depreciation and other non-cash expenses). | 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 |
| 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 |
| also called retention tax, is a government requirement for the payer of an item of income to withhold or deduct tax from the payment, and pay | Withholding |
Created by:
Jasmyne
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