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Income and Taxes

QuestionAnswer
A sum of money paid regularly to a person, typically to meet specified needs or expenses. Allowance
A tax imposed by the federal government upon companies with retained earnings deemed to be unreasonable and in excess of what is considered ordinary. Accumulated Earnings
an authoritative order, charge, or direction. Commissions
something that is or may be deducted: She took deductions for a home office and other business expenses from her taxes. 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 business that employs one or more people, especially for wages or salary: 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
An income tax is a tax levied on the income of individuals or businesses (corporations or other legal entities). Various income tax... 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
The Federal government has set forth that employers must make deductions from employees’ paychecks for Social Security and 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 Federal Insurance Contributions Act (FICA) tax is a United States payroll (or employment) tax imposed by the federal government on... 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
IRS tax forms are used by taxpayers and tax-exempt organizations to report financial information to the Internal Revenue Service (IRS)... W-4 Form
1.Refuse to give (something that is due to or is desired by another): "the withholding of consent to treatment". Withholding
Created by: Tbradley