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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
is a penalty tax Accumulated Earnings
A sum of money paid regularly to a person, typically to meet specified needs or expenses. Allowance
is a penalty tax Accumulated Earnings
salary is the money paid to you when you sell a product or service for a company. Instead of paying you a guaranteed ... Commissions
An amount that is or may be deducted from something, esp. from taxable income or tax to be paid. Deduction
relying on someone or something else for aid support etc. Dependent
A sum of money paid regularly to a person, typically to meet specified needs or expenses. Allowance
Money derived from paid work Earned Income
is a penalty tax Accumulated Earnings
salary is the money paid to you when you sell a product or service for a company. Instead of paying you a guaranteed ... Commissions
A person employed for wages or salary, esp. a nonexecutive Employee
An amount that is or may be deducted from something, esp. from taxable income or tax to be paid. Deduction
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
relying on someone or something else for aid support etc. Dependent
Federal income tax is a system overseen by the IRS which collects money based on your earned income 11. Federal Income Tax
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
2.The process of exempting a person from paying taxes on a specified amount of income for themselves and their dependents Exemptions
Federal income tax is a system overseen by the IRS which collects money based on your earned income Federal Income Tax
Under the Federal Insurance Contributions Act (FICA) 12.4% of earned income up to an annual limit must be paid into Social Security, and an additional 2.9% must be paid into Medicare. FICA
Gross income in United States tax law is receipts and gains from all sources less cost of goods sold Gross Income
Money received, esp. on a regular basis, for work or through investments. Income
the amount withheld by your employer from your paycheck that helps cover the cost of running the Medicare ... Medicare Tax
the excess of revenues over outlays in a given period of time (including depreciation and other non-cash expenses). 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
The form used to report wages, tips, other compensation, withheld income and social security taxes,... W-2 Form
IRS tax forms are used by taxpayers and tax-exempt organizations to report financial information to the Internal Revenue Service (IRS)... W-4 Form
also called retention tax, is a government requirement for the payer of an item of income to withhold or deduct tax from the payment, and pay Withholding
Created by: Jasmyne