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Income and Taxes

QuestionAnswer
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