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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
profits are a company's net profits after deducting distributions to the stockholders. This is calculated as of the beginning of the year. Accumulated Earnings
a fee paid to an agent for providing a service, especially a percentage of the total amount of business transacted Commissions
an amount that is subtracted from something, especially as an allowance against tax Deduction
a family member or other person who is supported financially by another, especially one living in the same house Dependent
a method of transferring a payment such as a salary electronically directly from the payer's bank account into the payee's Direct Deposit
income from paid employment, not from investments Earned Income
a paid worker Employee
a person, business, or organization that hires and pays one or more workers Employer
permission or entitlement not to do something that others are obliged to do Exemptions
a tax is imposed on income by the federal, most states, and many local governments Federal Income Tax
Federal Insurance Contributions Act FICA
an individual's income before tax is paid Gross Income
the amount of money received over a period of time either as payment for work, goods, or services, or as profit on capita Income
The tax withheld from employee wages to pay for Medicare benefits. Medicare Tax
the amount of profit money a business has after determining total gross business income and deducting all expenses, taxes, depreciation, and interest. Net Income
part of the federal payroll taxes that are paid on earned income in the United States. Social Security Tax
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
to collect or deduct tax from a salary Withholding
Created by: JoseM.