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Income and Taxes

an amount of a person's income that is not subject to a particular tax and is therefore deducted before his or her liability to taxation is assessed allowance
Earnings not paid out as dividends but instead reinvested in the core business or used to pay off debt Accumulated Earnings
paid entirely or partially with commissions from sales one has made or for work one has done Commissions
The action of deducting or subtracting something Deduction
A person who relies on another 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 Employee
A person or organization that employs people Employer
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 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 Medicare Tax
An individual's total personal income AFTER taking taxes or deductions into account Net Income
tax levied on both employers and employees used to fund the Social Security program Social Security Tax
The form used to report wages, tips, other compensation 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 withheldby the employer as partial payment of the employee's income tax Withholding
Created by: abaker124
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