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Income & Taxes
| Question | Answer |
|---|---|
| mainly used to assist an employer in calculating the amount of income tax to withhold from an employee's paycheck. | Allowance |
| profits are a company's net profits after deducting distributions to the stockholders. This is calculated as of the beginning of the year. | Accumulated Earnings |
| A service charge assessed by a broker or investment advisor in return for providing investment advice and/or handling the purchase or sale of a security. Most major, full-service brokerages derive most of their profits from charging commissions on client | Commissions |
| Any item or expenditure subtracted from gross income to reduce the amount of income subject to tax. | Deduction |
| An individual whom a taxpayer can claim for credits and/or exemptions | Dependent |
| An individual whom a taxpayer can claim for credits and/or exemptions. A dependent is an individual, such as a qualifying child, whom a taxpayer can claim on his or her federal and some state income tax returns | credits and/or exemptions |
| Income derived from active participation in a trade or business, including wages, salary, tips, commissions and bonuses. This is the opposite of unearned income. | Earned Income |
| A person employed for wages or salary, esp. a nonexecutive. | Employee |
| A person or organization that employs people | Employer |
| 1.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 (corporations or other legal entities). Various income tax... | 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 is the starting point... | Gross Income |
| Money received, esp. on a regular basis, for work or through investments | Income |
| Employers withhold 1.45% of an employee's wages and pay a matching amount for Medicare tax. There is no wage base for... | Medicare Tax |
| the excess of revenues over outlays in a given period of time (including depreciation and other non-cash expenses). | Net Income |
| The Federal Insurance Contributions Act (FICA) tax is a United States payroll (or employment) tax imposed by the federal government on | Social Security Tax |
| 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 (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:
Janaee3
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