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Income Taxes

QuestionAnswer
a sum of money allotted or granted for a particular purpose, as for expenses Allowance
A company's accumulated retained earnings are the cumulative residual profits or losses since the start of its business activities. If it is a positive amount, 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, etc. 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 thing that makes use of or occupies someone or something: an inadequate employer of one's time Employer
circumstances of a taxpayer, as age or number of dependents, that allow him or her to make certain deductions from taxable income. Exemptions
a tax levied on incomes, especially an annual government tax on personal incomes. 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, etc. 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 U.S. payroll tax known as the "Medicare Medicare Tax
the excess of revenues and gains of a business over expenses and losses during a given period of time. Net Income
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. Social Security Tax
a standard tax form showing the total wages paid to an employee and the taxes withheld during the calendar year: prepared by an employer for each employee. 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
to hold back; restrain or check Withholding
Created by: Mcarr