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Income and Taxes

QuestionAnswer
A sum set aside for an occurrence that may or may not come to pass. Allowance
When companies do not issue dividends, its total assets increase by either reinvesting the profits back to its business or simply holding it as huge liquid cash Accumulated Earnings
With a sales commission serving as full or partial recompense for the work done Commissions
it may reduce your income tax. Whether or not it reduces your income tax depends on several factors. Deduction
There are two possible cases when testing two population means, the dependent case and the independent case. 4. used only in connection with other forms, not in isolation; subordinate. In I walked out when the bell rang, when the bell rang is a depe Dependent
In deposit terminology, the term Direct Deposit refers to the deposit of money made into a bank account directly from an employer to an employee. Direct Deposit also includes tax refunds. Direct Deposit
Compensation from participation in a business, including wages, salary, tips, commissions and bonuse. Earned Income
A person who is hired to provide services to a company on a regular basis in exchange for compensation and who does not provide these services as part of an independent business. Employee
A legal entity that controls and directs a servant or worker under an express or implied contract of employment and pays (or is obligated to pay) him or her salary or wages. Employer
Immunity from an obligation or duty 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
A tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts and other legal entities Read more: http://www.investopedia.com/terms/f/federal_income_tax.asp#ixzz2H1QGOYcb FICA
A company's revenue minus cost of goods sold. Also called "gross margin" and "gross profit Gross Income
the monetary payment received for goods or services, or from other sources, as rents or investments Income
The Medicare tax is the amount withheld by your employer from your paycheck that helps cover the cost of running the Medicare program Medicare Tax
In business, what remains after subtracting all the costs (namely, business, depreciation, interest, and taxes) from a company's revenuen Income Net
Federal tax levied equally on employers Social Security Tax
The form that an employer must send to an employee and the IRS at the end of the year. The W-2 form reports an employee's annual wages and the amount of taxes withheld. Federal tax levied equally on employers and employees, used to pay for Social Secur W-2 Form
The form that an employer must send to an employee and the IRS at the end of the year. The W-2 form reports an employee's annual wages and the amount of taxes withheld from his or her paycheck Read more: http://www.investopedia.com/terms/w/w2form.asp#i
Withholding
Created by: tyshaetucker