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Income and Taxes

QuestionAnswer
a sum of money allotted or granted for a particular purpose, as for expenses. Allowance
Earnings not paid out as dividends but instead reinvested in the core business or used to pay off debt. also called earned surplus or unappropriated profit or retained earnings Accumalative Earnigs
The act of granting certain powers or the authority to carry out a particular task or duty. Commmision
2.An amount that is or may be deducted from something, esp. from taxable income or tax to be paid. Deduction
A person who relies on another, esp. a family member, for financial support Dependent
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. 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. Exemption
A tax levied 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, such as employment earnings or capital gains. Federtal Tax Income
Federal Insurance Contributions Act. FICA
receipts and gains from all sources less cost of goods sold. Gross Income
Money received, esp. on a regular basis, for work or through investments Income
deductions from employees’ paychecks for Social Security and Medicare... Medicare Tax
the excess of revenues over outlays in a given period of time (including depreciation and other non-cash expenses). Net Income
tax is a United States payroll Social Security Tax
Wage and Tax Statement. The form used to report wages, tips, other compensation, withheld income and social security taxes,... 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: love_JahMai