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Income and Taxes 1

QuestionAnswer
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