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Income & Taxes
| Question | Answer |
|---|---|
| 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
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