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Income and Taxes 1
| Question | Answer |
|---|---|
| an amount of a person's income that is not subject to a particular tax and is therefore deducted before his or her liability to taxation is assessed | Allowance |
| A company's net profits after deducting distributions to the stockholders | Accumulated Earnings |
| paid entirely or partially with commissions from sales one has made or for work one has done | Commissions |
| 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 |
| 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 |
| Amount of pay earned BEFORE taxes | Gross Income |
| Money received, esp. on a regular basis, for work or through investments. | Income |
| Published every two months | Bimonthly |
| An extra benefit supplementing an employee's salary | Fringe Benefits |
| The Federal government has set forth that employers must make deductions from employees’ paychecks for Social Security and Medicare | Medicare Tax |
| Tax levied directly on personal income | Income Tax |
| A wage is a compensation, usually financial, received by workers in exchange for their labor | Hourly Wage |
| IRS tax forms are used by taxpayers and tax-exempt organizations to report financial information to the Internal Revenue Service (IRS) | W2 Form |
| Employee's Withholding Allowance Certificate. Required by Federal law to be on file with the Payroll Office | W4 Form |
| The Federal Insurance Contributions Act (FICA) tax is a United States payroll (or employment) tax imposed by the federal government on both employers and employees used to und the Social Security program | Social Security Tax |
| a system in which employees receive a share of the net profits of the business | Profit Sharing |
| 3.A sum of money given to someone as a way of rewarding them for their services | Tips |
| Reduces the amount of wages subject to federal income tax withholding based on exemptions and deductions claimed on federal income tax | Withholding Allowance |
| tax write-off: a reduction in the gross amount on which a tax is calculated; reduces taxes by the percentage fixed for the taxpayer | Tax Deduction |
| A fixed regular payment, typically paid on a monthly or biweekly basis but often expressed as an annual sum, made by an employer to an employee | Salary |
Created by:
cdonnelly
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