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Income and Taxes
| Question | Answer |
|---|---|
| 1.The amount of something that is permitted, esp. within a set of regulations or for a specified purpose. | 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 earnings. | Accumulated Earnings |
| The authority to perform a task or certain duties. | Commissions |
| The action of deducting or subtracting something. | Deduction |
| A variable (often denoted by y) whose value depends on that of another. | 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 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). | 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 |
| Tax deducted from the wages of every legally working American that is used to pay for the Medicare program provided to individuals over the age of 65. | Medicare Tax |
| the excess of revenues over outlays in a given period of time (including depreciation and other non-cash expenses). | Net Income |
| A tax paid by workers and employers on wages earned that supports the benefit programs under the Social Security System | Social Security Tax |
| The form that an employer must send to an employee and the IRS at the end of the year. The W-2 form reports an employee's annual wages and the amount of taxes withheld from his or her paycheck. | W-2 Form |
| A form completed by an employee to indicate his or her tax situation (exemptions, status, etc.) to the employer. The W-4 form tells the employer the correct amount of tax to withhold from an employee's paycheck. | W-4 Form |
| The amount of an employee's pay withheld by the employer and sent directly to the government as partial payment of income tax. | Withholding |
Created by:
cprouty
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