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Income and Taxes

QuestionAnswer
an amount or share allotted or granted. Allowance
are a company's net profits after deducting distributions to the stockholders. Accumulated Earnings
A service charge assessed by a broker or investment advisor in return for providing investment advice and/or handling the purchase or sale of a security. Commissions
Any item or expenditure subtracted from gross income to reduce the amount of income subject to tax. Deduction
an individual, such as a qualifying child, whom a taxpayer can claim on his or her federal and some state income tax returns. Dependent
Electronic funds that are deposited directly into your bank account rather than through a paper check. Direct Deposit
Income derived from active participation in a trade or business, including wages, salary, tips, commissions and bonuses. 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. Employer
A deduction allowed by law to reduce the amount of income that would otherwise be taxed. 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 U.S. law requiring a deduction from paychecks and income that goes toward the Social Security program and Medicare. FICA
An individual's total personal income before taking taxes or deductions into account. Gross Income
Economic wealth that is generated in exchange for an individual's performance of agreed upon activities or through investing capital. Income
An employee's earnings that are subject to a U.S. payroll tax. Medicare Tax
An individual's total personal income after taking taxes or deductions into account Net Income
The tax levied on both employers and employees used to fund the Social Security program. Social Security Tax
The form that an employer must send to an employee and the IRS at the end of the year. W-2 Form
A form completed by an employee to indicate his or her tax situation (exemptions, status, etc.) to the employer. 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
Created by: Ktowner1215