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Income & Taxes

QuestionAnswer
a sum of money allotted or granted for a particular purpose, as for expenses Allowance
Earnings not paid out as dividends but instead reinvested in the core business or used to pay off debt Accumulated Earnings
paid entirely or partially with commissions from sales one has made or for work one has done Commissions
something, esp a sum of money, that is or may be deducted Deduction
a child, spouse, parent, or certain other relative to whom one contributes all or a major amount of necessary financial 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
U.S. government legislation under which taxes are levied for the support of Social Security FICA (Federal Insurance Contributions Act)
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 Federal government has set forth that employers must make deductions from employees’ paychecks for Social Security and Medicare Medicare Tax/Social Security Tax
The amount of money you earn AFTER taxes are taken out of your pay Net Income
a standard tax form showing the total wages paid to an employee and the taxes withheld during the calendar year: prepared by an employer for each employee. W-2 Form
This form will determine how many exemptions you want to claim, to determine how much taxes will go to Federal and State tax obligations W-4 Form
Created by: dwyatt107