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Income and Taxes
| Question | Answer |
|---|---|
| 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
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