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Income & Taxes

QuestionAnswer
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