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income and taxes

QuestionAnswer
oney given to child by parents: a small sum of money paid regularly by parents to a child so that the child can make his or her own purchases 2.permitted amount: the amount of something that is allowed, especially according to regulations 3.budgeted amo allowance
not paid out as dividends but instead reinvested in the core business or used to pay off debt. also called earned surplus acummulated earnungs
1.fee paid to agent: a fee paid to an agent for providing a service, especially a percentage of the total amount of business transacted 2.task: a job or task given to a person or a group, especially an order to produce a particular product or piece of wo commissions
2.An amount that is or may be deducted from something, esp. from taxable income or tax to be paid. deduction
1.family member: a family member or other person who is supported financially by another, especially one living in the same house 2.needing something: having a physical or psychological need to use a drug or other substance regularly 3.not self-reliant: dependent
ransfer of money between accounts: a method of transferring a payment such as a salary electronically directly from the payer's bank account into the payee's direct deposit
1.income from paid employment: income from paid employment, not from investments earned income
1.paid worker: a paid worker employee
1.person or group that hires workers: a person, business, or organization that hires and pays one or more workers 2.user: somebody who uses something employer
reedom from an obligation: permission or entitlement not to do something that others are obliged to do 2.exempt person or thing: somebody who or something that is exempt, e.g. income that is not taxed exemptions
Federal income tax is the tax you pay on the income you earn. It's collected by the U.S. government and is required of all U.S. citizens who earn an income. If you're federal income tax
1.pensions: Federal Insurance Contributions Act FICA
1. An individual's total personal income before taking taxes or deductions into account. 2. A company's revenue minus cost of goods sold. Also called "gross ... gross income
the monetary payment received for goods or services, or from other sources, as rents or investments. 2. something that comes in as an addition or increase, income
Tax deducted from the wages of every legally working American that is used to pay for the Medicare program provided to individuals medicare tax
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 is usually collected in the form of payroll tax or social sicurity tax
The form that an employer must send to an employee and the IRS at the end of the year. The W-2 form reports an employee's annual wages and the amount of ... w-2 form
A form completed by an employee to indicate his or her tax situation (exemptions, status, etc.) to the employer. The W-4 form tells the employer the correct ... w-4 form
with·hold·ing (w th-h l d ng, w -). n. A portion of an employee's wages or salary withheld by the employer as partial payment of the employee's income tax witholding
Created by: Cthorne