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Income and Taxes

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