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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
Earnings not paid out as dividends but instead reinvested in the core business or used to pay off debt. accumulated earning
paid entirely or partially with commissions from sales one has made or for work one has done commissions
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 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 federal income tax
Federal Insurance Contributions Act FICA
An individual's total personal income before taking taxes or deductions into account gross income
Money received, esp. on a regular basis, for work or through investments income
Tax deducted from the wages of every legally working American that is used to pay for the Medicare program provided to individuals ... medicare tax
An individual's total personal income AFTER taking taxes or deductions into account net income
The tax levied on both employers and employees used to fund the Social Security program 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 w-4 form
A portion of an employee's wages or salary withheld by the employer as partial payment of the employee's income tax withholding
Created by: kabbott