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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
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 person for support (especially 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
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 Medicare Tax
total revenue received before any deductions or allowances, as for rent, cost of goods sold, taxes, etc. Net Income
The tax levied on both employers and employees used to fund the Social Security program. Social Security Tax
Wage and Tax Statement W-2 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: twilightshelby