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Income and Taxes
| Question | Answer |
|---|---|
| an addition or deduction based on an extenuating or qualifying circumstance | Allowance |
| A tax imposed by the federal government upon companies with retained earnings deemed to be unreasonable and in excess of what is considered ordinary | Accumulated Earnings |
| The payment of commission as remuneration for services rendered or products sold is a common way to reward sales people | Commissions |
| An amount that is or may be deducted | Deduction |
| Relying on or requiring the aid of another for support | Dependent |
| banking that describes a deposit of money straight from the source into a bank account | Direct Deposit |
| a tax credit for certain people who work and have earned income | Earned Income |
| A person who works for another in return for financial or other compensation | Employee |
| An employer is a person or institution that hires employees or workers | Employer |
| Various tax systems grant a tax exemption to certain organizations, persons, income, property or other items taxable under the system | Exemptions |
| A rate schedule is a chart that helps United States taxpayers determine their federal income tax burden for a particular year | Federal Income Tax |
| tax is a United States Federal payroll (or employment) tax imposed on both employees and employers to fund | FICA |
| An individual's total personal income before taking taxes or deductions into account | Gross Income |
| consumption and savings opportunity gained by an entity within a specified timeframe, that is generally expressed in monetary terms | Income |
| Tax rates for each Social Security trust fund New healthcare taxes in 2013, may impact high-income investors and earners | Medicare Tax |
| Net income is a company's earnings or profit as reported on the income statement. Revenue minus all expenses gives you net income. | Net Income |
| The Social Security tax functions very much like a flat tax | Social Security Tax |
| Form W-2, Wage and Tax Statement. Every employer engaged in a trade or business who pays remuneration for services | W-2 Form |
| Form W-4 includes detailed worksheets to help the employee figure his or her correct number of withholding allowances | W-4 Form |
| Withholding tax, also called retention tax, is a government requirement for the payer of an item of income to withhold or deduct tax from the payment, | Withholding |
Created by:
Kaylarenee
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