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Income and Taxes

QuestionAnswer
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