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Income And Taxes
| Question | Answer |
|---|---|
| Something, such as money, given at regular intervals or for a specific purpose: | Allowance |
| A special tax imposed on corporations that accumulate (rather than distribute via dividends) their earnings beyond the reasonable needs of the business. | Accumulated Earnings |
| a fee paid based on a percentage of the sale made by an employee or agent, as distinguished from regular payments of wages or salary | Commissions |
| An amount that is or may be deducted | Deduction |
| Relying on or requiring the aid of another for support | Dependent |
| The electronic transfer of a payment directly from the account of the payer to that of the party being paid | Direct Deposit |
| income derived from paid employment and comprising mainly wages and salaries | Earned Income |
| A person who works for another in return for financial or other compensation | Employee |
| To engage the services of; put to work | Employer |
| One that is exempted, especially an amount of income that is exempted from taxation | Exemptions |
| A tax levied on net personal or business income | Federal Income Tax |
| Federal Insurance Contributions Act | FICA |
| Exclusive of deductions; total | Gross Income |
| The amount of money or its equivalent received during a period of time in exchange for labor or services, from the sale of goods or property, or as profit from financial investments | Income |
| A certain percentage of wages or salaries used to finance Medicare. Employees are required to contribute 1.45% of their income to pay for Medicare, with no income limit. Employers are required to make matching contributions for each employee | Medicare Tax |
| The company's total earnings, reflecting revenues adjusted for costs of doing business, depreciation, interest, taxes and other expenses. | 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 |
| 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 |
Created by:
Cmeeks
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