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Income and Taxes
| Question | Answer |
|---|---|
| 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 |
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love_JahMai
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