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Income and Taxes
| Question | Answer | Question | Answer | Question | Answer |
|---|---|---|---|---|---|
| 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 |
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chelseys
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