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Income and Taxes

QuestionAnswer
2.A sum of money paid regularly to a person, typically to meet specified needs or expenses Allowance
An accounting term applicable to stockholders of closely held busininess Accumulated Earnings
An amount of money, typically a set percentage of the value involved, paid to an agent in a commercial transaction Commissions
the dividend will be paid without deduction of tax Deduction
5. - the various benefits will be dependent on length of service the various benefits will be dependent on length of service Dependent
1.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. at nonexecutive level 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
Federal Insurance Contributions Act FICA
Total income before taxes or expenses are deducted Gross Income
1.Money received, esp. on a regular basis, for work or through investments Income
The Federal government has set forth that employers must make deductions from employees’ paychecks for Social Security and Medicare taxes - known as FICA (Federal Insurance Contributions Act). Medicare Tax
the excess of revenues over outlays in a given period of time (including depreciation and other non-cash expenses Net Income
tax used to fund a program of the US government that gives money to elderly people. Social Security Tax
A tax form that you get from your employer that reports your wages earned for the year, state and federal taxes withheld. 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
Refuse to give (something that is due to or is desired by another): "the withholding of consent to treatment". Withholding
Created by: alexis92311