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Income and Taxes

QuestionAnswerQuestionAnswerQuestionAnswer
to gather into a heap, mass, cover, etc.; form a steadily increasing quantitytending or serving to save; rescuing; preserving 2. Accumulated Earnings to use or engage the services of (2): to provide with a job that pays wages or a salary 9. Employer Income after all exemptions, exclusions, and deductions 16.Net Income
a plan in which salaries or other payments are transferred by the paying agency directly to the accounts of the recipients. 6. Direct Deposit total revenue received before any deductions or allowances, as for rent, cost of goods sold, taxes, etc. 13.Gross Income hold back; restrain or check 20.Withholding
income from wages, salaries, fees, or the like, accruing from labor or services performed by the earner. 7. Earned Income the monetary payment received for goods or services, or from other sources, as rents or investments. 14.Income
an amount or share allotted or granted. 1. Allowance one employed by another usually for wages or salary and in a position below the executive level 8.Employee A tax deducted from employees’ paychecks that goes to pay for medical benefits for people over 65 years of age. Medicare tax is paid by both employee and employer. 15. Medicare Tax
a formal written warrant granting the power to perform various acts or duties 3. Commissions the circumstances of a taxpayer, as age or number of dependents, that allow him or her to make certain deductions from taxable income. Definition of EXEMPTION 1 : the act of exempting or state of being exempt : immunity 10.Exemptions A tax that pays for retirement benefits, disability benefits, and survivor’s benefits that are paid to retired workers, disabled people, widows, and orphaned children 17.Social Security Tax
the act or process of deducting; subtraction. 4. Deduction pertaining to or of the nature of a union of states under a central government distinct from the individual governments of the separate states a tax levied on incomes, especially an annual government tax on personal incomes. 11.Federal Income Tax 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. 18.W-2 Form
relying on someone or something else for aid, support, etc. 5. Dependent Federal Insurance Contributions Act: U.S. government legislation under which taxes are levied for the support of Social Security 12.FICA A federal tax form, on which the employee indicates the number of personal exemptions she will be claiming so that the employer can calculate the amount of federal income tax to be withheld from that employeeÂ’s paycheck. 19.W-4 Form
Created by: chelseys