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Income and taxes

QuestionAnswer
an amount of something, esp money or food, given or allotted usually at regular intervals Allowance
A tax imposed by the federal government upon companies with retained earnings deemed to be unreasonable and in excess of what is considered ordinary. Accumulated Earnings
A fee charged by a broker or agent for his/her service in facilitating a transaction, such as the buying or selling of securities or real estate Commission
An expense subtracted from adjusted gross income when calculating taxable income, such as for state and local taxes paid, charitable gifts, and certain types of interest payments. Deduction
A person who is financially supported by another person Dependent
The deposit of funds directly into a bank account as a form of payment. Common uses for direct deposit include paychecks and tax refunds Direct Deposit
Compensation from participation in a business, including wages, salary, tips, commissions and bonuses. opposite of unearned income Earned Income
A person who is hired to provide services to a company on a regular basis in exchange for compensation and who does not provide these services as part of an independent business. Employee
a person or company that has regular employees and pays them Employer
An income tax is a tax levied on the income of individuals or businesses Federal Income Tax
The federal law which requires employers to withhold a portion of employee wages and pay them to the government trust fund which provides retirement benefits. An acronym for Federal Insurance Contributions Act. More commonly known as social security FICA
Pre-tax net sales minus cost of sales. also called gross profit. Gross Income
For corporations, revenues minus cost of sales, operating expenses, and taxes, over a given period of time. Income is the reason corporations exist, and are often the single most important determinant of a stock's price. 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. Medicare Tax
. In business, what remains after subtracting all the costs (namely, business, depreciation, interest, and taxes) from a company's revenues. Net income is sometimes called the bottom line. also called earnings or net profit. net income
Federal tax levied equally on employers and employees, used to pay for Social Security programs. Social Security Tax
A tax form prepared by an employer and given to an employee to be filed with his/her 1040 form, listing wages earned during that year W-2 Form
A tax form prepared by an employee for an employer indicating the employee's exemptions and Social Security number, and enabling the employer to determine the amount of taxes to be withheld for the employee. W-4 Form
An amount of an employee's income that an employer sends directly to the federal, state, or local tax authority as partial payment of that individual's tax liability for the year. When a person starts a new job, he/she is required to fill out a W-4 form o Withholding
Created by: dave624