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Income & 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 Earnings
paid entirely or partially with commissions from sales one has made or for work one has done Commissions
something, esp a sum of money, that is or may be deducted Deduction
a person who depends on or needs someone or something for aid, support, favor, etc. Dependent
a plan in which salaries or other payments are transferred by the paying agency directly to the accounts of the recipients. Direct Deposit
income from wages, salaries, fees, or the like, accruing from labor or services performed by the earner Earned Income
person working for another person or a business firm for pay. Employee
a person or business that employs one or more people, especially for wages or salary: a fair employer. Employer
the circumstances of a taxpayer, as age or number of dependents, that allow him or her to make certain deductions from taxable income Exemptions
An income tax is a tax levied on the income of individuals or businesses Federal Income Tax
The Federal Insurance Contributions Act (FICA) tax is a United States payroll FICA
Gross income in United States tax law is 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
the excess of revenues over outlays in a given period of time (including depreciation and other non-cash expenses). Net Income
The tax levied on both employers and employees used to fund the Social Security program. Social Security tax is usually collected in the form of payroll tax Social Security Tax
W-2 Forms) 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 1.Refuse to give (something that is due to or is desired by another): "the withholding of consent to treatment". Withholding
Created by: acarter13