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income and taxes

QuestionAnswer
the tax allowance for married couples Allowance
Earnings not paid out as dividends but instead reinvested in the core business or used to pay off debt Read more: http://www.investorwords.com/71/accumulated_earnings.html#ixzz2HOIyWCXE Accumulated Earnings
the act of committing or giving in charge. Commissions
something that is or may be deducted: She took deductions for a home office and other business expenses from her taxes. Deduction
relying on someone or something else for aid, support, etc. Dependent
that are deposited directly into your bank account rather than through a paper check. Common uses of a direct deposit include income tax refunds and pay checks Read more: http://www.investopedia.com/terms/d/directdeposit.asp#ixzz2HOLKJULB Direct Deposit
Income derived from active participation in a trade or business, including wages, salary, tips, commissions and bonuses. This is the opposite of unearned income. Read more: http://www.investopedia.com/terms/e/earnedincome.asp#ixzz2HOLffMf0 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
tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts and other legal entities. Federal income taxes are applied on all forms of earnings that make up a taxpayer's taxable income, such a Federal Income Tax
Federal Insurance Contributions Act: U.S. government legislation under which taxes are levied for the support of Social Security. FICA
An individual's total personal income before taking taxes or deductions Read more: http://www.investopedia.com/terms/g/grossincome.asp#ixzz2HONyyH7w Gross Income
monetary payment received for goods or services, or from other sources, as rents or investments. Income
Tax deducted from the wages of every legally working American that is used to pay for the Medicare program provided to individuals over the age of 65 Read more: http://www.investorwords.com/8641/Medicare_tax.html#ixzz2HOPzQi94 Medicare Tax
A company's total earnings (or profit). Net income is calculated by taking revenues and adjusting for the cost of doing business, depreciation, interest, taxes and other expenses Read more: http://www.investopedia.com/terms/n/netincome.asp#ixzz2HZzxbwC Net Income
The tax levied on both employers and employees used to fund the Social Security program Read more: http://www.investopedia.com/terms/s/social-security-tax.asp#ixzz2Ha0Wex98 Social Security Tax
The form that an employer must send to an employee and the IRS at the end of the year Read more: http://www.investopedia.com/terms/w/w2form.asp#ixzz2Ha0nSd00 W-2 Form
completed by an employee to indicate his or her tax situation (exemptions, status, etc.) to the employer Read more: http://www.investopedia.com/terms/w/w4form.asp#ixzz2Ha1AU0Fi W-4 Form
A portion of an employee's wages or salary withheld by the employer as partial payment of the employee's income tax. Also called withholding tax Withholding
Created by: cgoodwin