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income and taxes

QuestionAnswer
Allowance - is mainly used to assist an employer in calculating the amount of income tax to withhold from an employee's paycheck allowence
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. This is calculated as of the beginning of the year. acumulated 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. commission
Any item or expenditure subtracted from gross income to reduce the amount of income subject to tax. deduction
An individual whom a taxpayer can claim for credits and/or exemptions. dependant
Electronic funds that are deposited directly into your bank account rather than through a paper check. Common uses of a direct deposit include income tax refunds and pay checks. direct deposit
Income derived from active participation in a trade or business, including wages, salary, tips, commissions and bonuses. This is the opposite of unearned income. earned income
person working for another person or a business firm for pay. employee
person or business that employs one or more people, especially for wages or salary: a fair employer. employer
the circumstances of a taxpayer, as age or number of dependents, that allow him or her to make certain deductions from taxable income. exemptions
A tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts and other legal entities. federal income tax
Federal Insurance Contributions Act: U.S. government legislation under which taxes are levied for the support of Social Security. FICA
Accounting. total revenue received before any deductions or allowances, as for rent, cost of goods sold, taxes, etc. gross income
the monetary payment received for goods or services, or from other sources, as rents or 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
Net Income - total revenue received before any deductions or allowances, as for rent, cost of goods sold, taxes, etc net income
The tax levied on both employers and employees used to fund the Social Security program. social security tax
a standard tax form showing the total wages paid to an employee and the taxes withheld during the calendar year: prepared by an employer for each employee. w-2 form
A tax form prepared by an employee for an employer indicating the employee's exemptions and Social Security number, and enabling the employer to determine the amount of taxes to be withheld for the employee. w-4 form
1. to hold back; restrain or check. 2. to refrain from giving or granting: to withhold payment. 3. to collect (taxes) at the source of income. 4. to deduct (withholding tax) from an employee's salary or wages. withholding
Created by: cgrieco