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Income and Taxes

QuestionAnswer
A sum of money paid regularly to a person. Allowance
An accounting term applicable to stockholders of closely held businesses. Accumulated Earnings
An order for or authorize the production of something. Commissions
The action of deducting or subtracting something. Deduction
A person who relies on another 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. Employee
A person or organization that employs people. Employer
The process of freeing or state of being free from an obligation or liability imposed on others. Exemptions
An income tax is a tax levied on the income of individuals or businesses. Federal Income Tax
Federal Insurance Contributions Act. FICA
Gross income in United States tax law is receipts and gains from all sources less cost of goods sold. Gross Income
Profits. Income
The Federal government has set forth that employers must make deductions from employees’ paychecks for Social Security and Medicare taxes. Medicare Tax
The excess of revenues over outlays in a given period of time. Net Income
United States payroll tax imposed by the federal government. Social Security Tax
Wage and Tax Statement W-2 Form
IRS tax forms are used by taxpayers and tax-exempt organizations to report financial information to the IRS. 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: Alissa615