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Income Tax
| Question | Answer |
|---|---|
| A sum of money paid regularly to a person, typically to meet specified needs or expenses. | Allowance |
| A tax imposed by the federal government upon companies with retained earnings deemed to be unreasonable and in excess of what is considered ordinary. | Accumulated Earnings |
| paid entirely or partially with commissions from sales one has made or for work one has done | Commissions |
| 2.An amount that is or may be deducted from something, esp. from taxable income or tax to be paid. | Deduction |
| A person who relies on another, esp. a family member, for financial support | Dependent |
| 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 |
| 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 |
| An individual's total personal income before taking taxes or deductions into account | Gross Income |
| Money received, esp. on a regular basis, for work or through investments | Income |
| A company's total earnings (or profit). Net income is calculated by taking revenues and adjusting for the cost of doing business, depreciation, interest, taxes ... | Net Income |
| The tax levied on both employers and employees used to fund the Social Security program. | Social Security Tax |
| The form that an employer must send to an employee and the IRS at the end of the year | W-2 Form |
| A form completed by an employee to indicate his or her tax situation (exemptions, status, etc.) to the employer | 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 |
| Tax deducted from the wages of every legally working American that is used to pay for the Medicare program provided to individuals | medicare tax |
Created by:
tjohnson123
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