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income and taxes
| Question | Answer |
|---|---|
| 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 |
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