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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
Accumulated earnings and profits are similar to retained earnings, because both terms refer to the net profits of a company after shareholder distributions. However, accumulated earnings and profits also can include reserve accounts, which are not deduct Accumulated Earnings
paid entirely or partially with commissions from sales one has made or for work one has done Commissions
2.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
the excess of revenues over outlays in a given period of time (including depreciation and other non-cash expenses). Net Income
Wage and Tax Statement. The form used to report wages, tips, other compensation, withheld income and social security taxes,... W-2 Form
1.Refuse to give (something that is due to or is desired by another): "the withholding of consent to treatment". Withholding 20. Withholding Employee
A person employed for wages or salary, esp. a nonexecutive. Employee
A person or organization that employs people. Employer
2.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 (corporations or other legal entities). Federal Income Tax
A U.S. law requiring a deduction from paychecks and income that goes toward the Social Security program and Medicare. Both employees and employers are responsible for sharing the FICA payments. FICA
Money received, esp. on a regular basis, for work or through investments. Income
Gross income in United States tax law is receipts and gains from all sources less cost of goods sold. Gross Income
The Federal government has set forth that employers must make deductions from employees’ paychecks for Social Security and Medicare... Medicare Tax
The tax levied on both employers and employees used to fund the Social Security program. Social Security Tax
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
Created by: yzulqarnain