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Income and Taxes
| Question | Answer |
|---|---|
| A sum of money allotted or granted to a person on a regular basis, as for personal or general living expenses: | Allowance |
| Earnings not paid out as dividends but instead reinvested in the core business or used to pay off debt. | Accumulated Earnings |
| authority granted for a particular action or function. | Commissions |
| the act or process of deducting; subtraction. | Deduction |
| relying on someone or something else for aid, support | Dependent |
| a plan in which salaries or other payments are transferred by the paying agency directly to the accounts of the recipients. | Direct Deposit |
| income from wages, salaries, fees, or the like, accruing from labor or services performed by the earner. | Earned Income |
| a person working for another person or a business firm for pay. | Employee |
| a person or business that employs one or more people, especially for wages or salary | Employer |
| the circumstances of a taxpayer, as age or number of dependents, that allow him or her to make certain deductions from taxable income. | Exemptions |
| income tax is a tax levied on the income of An individuals or businesses (corporations or other legal entities). Various income tax... | Federal Income Tax |
| Federal Insurance Contributions Act: U.S. government legislation under which taxes are levied for the support of Social Security. | FICA |
| total revenue received before any deductions or allowances, as for rent, cost of goods sold, taxes, etc. | Gross Income |
| the monetary payment received for goods or services, or from other sources, as rents or investments. | 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 and gains of a business over expenses and losses during a given period of time. | 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 |
| A standard tax form showing the total wages paid to an employee and the taxes withheld during the calendar year: prepared by an employer for each employee. | 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 |
| to collect (taxes) at the source of income. | Withholding |
Created by:
Raychet
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