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Income and Taxes

QuestionAnswer
The act of allowing Allowance
is the sum of a company's profits, after dividend payments, since the company's inception. It can also be called retained earnings, earned surplus, or retained capital. 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
The drawing of a conclusion by reasoning; the act of deducing Deduction
The electronic transfer of a payment directly from the account of the payer to the recipient's account Direct Deposit
Money derived from paid work Earned Income
A person employed for wages or salary, esp. a nonexecutive Employee
A person or organization that employs people Employer
2.The process of exempting a person from paying taxes on a specified amount of income for themselves and their dependents Exemptions
An income tax is a tax levied on the income of individuals or businesses (corporations or other legal entities). Federal Income Tax
Social Security payroll taxes are collected under the authority of the Federal Insurance Contributions Act (FICA). The payroll taxes are sometimes even called FICA taxes. But what is FICA? Is it a separate law, apart from the Social Security Act? FICA
United States tax law is receipts and gains from all sources less cost of goods sold Gross Income
United States tax law is receipts and gains from all sources less cost of goods sold Income
The tax you withhold from your employees' paychecks to cover the cost of Medicare expenses Medicare Tax
A company's total earnings (or profit). Net Income
The tax levied on both employers and employees used to fund the Social Security program. 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
1.Refuse to give (something that is due to or is desired by another): "the withholding of consent to treatment". Withholding
A person who relies on another, esp. a family member, for financial support A person who relies on another, esp. a family member, for financial support. A person who relies on another, esp. a family member, for financial support. Dependent
Created by: Gwalls051512