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Income && Taxes

QuestionAnswer
a sum of money allotted or granted to a person on a regular basis 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
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
something that is or may be subtracted Deduction
A person who is financially supported by another person. A person who relies on another for financial support. Dependent
banking term that describes a deposit of money straight from the source into a bank account Direct Deposit
includes all the taxable income and wages you get from working or from certain disability payments. Earned Income
person working for another person or a business firm for pay Employee
a person or institution that hires employees or workers. Employer
A direct reduction taken from taxable income for a specific reason, as allowed by the IRS. 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 taxes are applied on all forms of earnings that make up a taxpayer's taxable income Federal Income Tax
The federal law which requires employers to withhold a portion of employee wages and pay them to the government trust fund which provides retirement benefits FICA
Pre-tax net sales minus cost of sales. also called gross profit. Gross Income
For corporations, revenues minus cost of sales, operating expenses, and taxes, over a given period of time/ For individuals, money earned through employment and investments. Income
Tax deducted from the wages of every legally working American that is used to pay for the Medicare program Medicare Tax
In business, what remains after subtracting all the costs (namely, business, depreciation, interest, and taxes) from a company's revenues Net Income
Federal tax levied equally on employers and employees, used to pay for Social Security programs. Social Security Tax
Wage and Tax Statement. A tax form prepared by an employer and given to an employee to be filed with his/her 1040 form, listing wages earned during that year, federal and state taxes withheld, and Social Security tax information. W-2 Form
A tax form prepared by an employee for an employer indicating the employee's exemptions and Social Security number, and enabling the employer to determine the amount of taxes to be withheld for the employee. W-4 Form
An amount of an employee's income that an employer sends directly to the federal, state, or local tax authority as partial payment of that individual's tax liability for the year Withholding
Created by: RBennett