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income and taxes

QuestionAnswer
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 Accumulated Earnings
Give an order for or authorize the production of 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, Employee
A person or organization that employs people,Boss 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
Gross income in United States tax law is receipts and gains from all sources less cost of goods sold. Gross Income
revenue - earnings - proceeds - profit - yield - gainings Income
The Federal government has set forth that employers must make deductions from employees’ paychecks for Social Security and Medicare Medicare Tax
the excess of revenues over outlays in a given period of time Net Income
The Federal Insurance Contributions Act (FICA) tax is a United States payroll 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
tax forms are used by taxpayers and tax-exempt organizations to report financial information to the Internal Revenue Service (IRS). W-4 Form
withheld from employees' wages and paid directly to the government by the employer. Withholding
Created by: jwallace
 

 



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