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income and taxes

QuestionAnswer
an amount or share allotted or granted Allowance
Earnings not paid out as dividends but instead reinvested in the core business or used to pay off debt. Accumulated Earnings
the act of committing or giving in charge Commissions
the act or process of deducting subtraction Deduction
relying on someone or something else for aid, support, Dependent
a plan in which salaries or other payments are transferred by the paying agency directly to the accounts of the recipients. Direct Deposit
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: a fair employer. 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
Tax refund calculators collect certain information about your income, taxes 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
An employee's earnings that are subject to a US payroll tax known as the "Medicare tax." Similar to the other US payroll tax - Social Security Medicare Tax
Net of tax is most commonly calculated by taking gross figures, like the cash collected from the sale of an asset, and subtracting the taxes paid net tax
The tax levied on both employers and employees used to fund the Social Security program. Social Security tax is usually collected in the form of payroll tax or self-employment tax. The Social Security tax pays for the retirement and disability benefits re 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 from his or her paycheck. W-2 Form
A form completed by an employee to indicate his or her tax situation (exemptions, status, etc.) to the employer. The W-4 form tells the employer the correct amount of tax to withhold from an employee's paycheck. W-4 Form
The portion of an employee's wages that is not included in his or her paycheck because it is remitted directly to the federal, state and local tax authorities. Withholding reduces the amount of tax employees must pay when they submit their annual tax retu Withholding
Created by: ees1276