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Income And Taxes

QuestionAnswer
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