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Income and Taxes

QuestionAnswer
2.A sum of money paid regularly to a person, typically to meet specified needs or expenses. Allowance
Earnings not paid out as dividends but instead reinvested in the core business or used to pay off debt. also called earned surplus or unappropriated profit or retained earning accumulated earnings
The fee paid to a broker to execute a trade, based on number of shares, bonds, options, and/or their dollar value. commissions
2.An amount that is or may be deducted from something, esp. from taxable income or tax to be paid. Deduction
Acceptance of a capital budgeting project contingent on the acceptance of another project 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 who recieves a payment to work A person employed for wages or salary, esp. a nonexecutive. A person employed for wages or salary, esp. a nonexecutive. Employee
someone who hires and supervizes people 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
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
The Federal government has set forth that employers must make deductions from employees’ paychecks for Social Security and Medicare... Medicare
An individual's total personal income before taking taxes or deductions into account 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
(W-2 Forms) Wage and Tax Statement. The form used to report wages, tips, other compensation, withheld income and social security taxes W-2 forms
IRS tax forms are used by taxpayers and tax-exempt organizations to report financial information to the Internal Revenue Service (IRS)... W-4 forms
The amount of an employee's pay withheld by the employer and sent directly to the government as partial payment of income tax. Witholding tax
Created by: purplener
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