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Income and Taxes

QuestionAnswer
a share or portion allotted or granted allowance
An accounting term applicable to stockholders of closely held businesses. Accumulated earnings and profits are a company's net profits after deducting distributions to the stockholders Accumulated Earnings
A service charge assessed by a broker or investment advisor in return for providing investment advice and/or handling the purchase or sale of a security. Most major, full-service brokerages derive most of their profits from charging commissions on client Commission
Any item or expenditure subtracted from gross income to reduce the amount of income subject to tax. Deduction
n individual whom a taxpayer can claim for credits and/or exemptions. A dependent is an individual, such as a qualifying child, whom a taxpayer can claim on his or her federal and some state income tax returns. Dependent
Electronic funds that are deposited directly into your bank account rather than through a paper check Direct Deposit
Income derived from active participation in a trade or business, including wages, salary, tips, commissions and bonuses Earned Income
A person employed for wages or salary employee
a person or business that employs one or more people, especially for wages or salary employer
An income tax is a tax levied on the income of individuals or businesses federal income tax
Law requiring employers to withhold from employee wages and make payments to a trust fund designed to provide benefits, such as for retirement 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
Tax deducted from the wages of every legally working American that is used to pay for the Medicare program provided to individuals over the age of 65 Medicare Tax
Money earned after taxes are taken out of your paycheck (take home pay) 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 W-4 Form
The amount of an employee's pay withheld by the employer and sent directly to the government as partial payment of income tax. Withholding
Created by: DenzelC