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Income and Taxes
| Question | Answer |
|---|---|
| a sum of money allotted or granted for a particular purpose, as for expenses | Allowance |
| Earnings not paid out as dividends but instead reinvested in the core business or used to pay off debt | Accumulated Earnings |
| paid entirely or partially with commissions from sales one has made or for work one has done | Commissions |
| the act or process of deducting; subtraction | Deductions |
| a child, spouse, parent, or certain other relative to whom one contributes all or a major amount of necessary financial support | Dependent |
| a plan in which salaries or other payments are transferred by the paying agency directly to the accounts of the recipients | Direct Deposits |
| income from wages, salaries, fees, or the like, accruing from labor or services performed by the earner | Earned Income |
| a person working for another person or a business firm for pay | Employee |
| a person or business that employs one or more people, especially for wages or salary | 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 |
| An income tax is a tax levied on the income of individuals or businesses | 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 | Gross Income |
| the monetary payment received for goods or services, or from other sources, as rents or investments | Income |
| The Federal government has set forth that employers must make deductions from employees’ paychecks for Social Security and Medicare | Medicare Tax |
| the excess of revenues over outlays in a given period of time (including depreciation and other non-cash expenses). | Net Income |
| The Federal Insurance Contributions Act (FICA) tax is a United States payroll | Social Security Tax |
| Wage and Tax Statement. The form used to report wages, tips, other compensation, withheld income and social security taxes | W-2 Form |
| IRS tax forms are used by taxpayers and tax-exempt organizations to report financial information to the Internal Revenue Service | W-4 Form |
| Refuse to give | Withholding |
Created by:
Jheard
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