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Income and Taxes

QuestionAnswer
is mainly used to assist an employer in calculating the amount of income tax to withhold from an employee's paycheck. Allowance
earned surplus or unappropriated profit or retained earnings. Accumulated Earnings
A fee or percentage allowed to a sales representative or an agent for services rendered Commisions
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
Tax that you pay based on your income to the federal government to help run the government. 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
total revenue received before any deductions or allowances, as for rent, cost of goods sold, taxes, etc. Net Income
1.Any government system that provides monetary assistance to people with an inadequate or no income. Social Security Tax
Wage and Tax Statement. The form used to report wages, tips, other compensation W-2 Form
tax forms are used by taxpayers and tax-exempt organizations to report financial information to the Internal Revenue Service W-4 Form
part of an employee's tax liability withheld by the employer from wages or salary and paid directly to the government. Withholding
Created by: tmatias
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