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income and taxes

QuestionAnswer
The amount of something that is permitted, esp. within a set of regulations or for a specified purpose. Allowance
An accounting term applicable to stockholders of closely held businesses. Accumulated Earnings
The authority to perform a task or certain duties. Commissions
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
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. Federal Income Tax
Federal Insurance Contributions Act. FICA
An individual's total personal income before taking taxes or deductions into account. Gross Income
Money received, esp. on a regular basis, for work or through 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 over outlays in a given period of time. Net Income
The Federal Insurance Contributions Act (FICA) tax is a United States payroll ,tax imposed by the federal government on Social Security Tax
Wage and Tax Statement. 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
Refuse to give (something that is due to or is desired by another): "the withholding of consent to treatment" Withholding
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Created by: hoperyan