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Income and Taxes
| Question | Answer |
|---|---|
| a sum of money allotted or granted for a particular purpose, as for expenses | Allowance |
| earnings deemed to be unreasonable and in excess of what is considered ordinary | Accumulated Earnings |
| paid entirely or partially with commissions from sales one has made or for work one has done | 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 | 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 |
| An income tax is a tax levied on the income of individuals or businesses | Federal Income Tax |
| The Federal Insurance Contributions Act | 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 tax withheld from employee wages to pay for Medicare benefits. | Medicare Tax |
| money you take home AFTER taxes are taken out | Net Income |
| The federal tax paid by employers and employees on employee earned income. | Social Security Tax |
| has no definition, correct definition is - tax forms are used by taxpayers and tax-exempt organizations to report financial information to the Internal Revenue Service | W-2 Form |
| has no definition, correct definition is - A form completed by an employee to indicate his or her tax situation (exemptions, status, etc.) to the employer | W-4 Form |
| A portion of an employee's wages or salary withheldby the employer as partial payment of the employee's income tax. | Withholding |
Created by:
camarahlove
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