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Income Tax
| Question | Answer |
|---|---|
| a sum granted as a reimbursement or bounty or for expenses | Allowance |
| A tax imposed by the federal government upon companies with retained earnings deemed to be unreasonable and in excess of what is considered ordinary. | Accumulated Earnings |
| A service charge assessed by a broker or investment advisor in return for providing investment advice and/or handling the purchase or sale of a security | Commissions |
| something that is or may be subtracted | Deduction |
| A dependent is an individual, such as a qualifying child, whom a taxpayer can claim on his or her federal and some state income tax returns. | Dependent |
| Electronic funds that are deposited directly into your bank account rather than through a paper check | Direct Deposit |
| Income derived from active participation in a trade or business, including wages, salary, tips, commissions and bonuses. | Earned Income |
| one employed by another usually for wages or salary and in a position below the executive level | Employee |
| to provide with a job that pays wages or a salary | Employer |
| A deduction allowed by law to reduce the amount of income that would otherwise be taxed. An exemption is based on a status or circumstance rather than economic standing. | Exemptions |
| Federal income taxes are applied on all forms of earnings that make up a taxpayer's taxable income, such as employment earnings or capital gains. | Federal Income Tax |
| A U.S. law requiring a deduction from paychecks and income that goes toward the Social Security program and Medicare | FICA |
| An individual's total personal income before taking taxes or deductions into account. | Gross Income |
| a gain or recurrent benefit usually measured in money that derives from capital or labor | Income |
| An employee's earnings that are subject to a U.S. payroll tax known as the "Medicare tax." | Medicare Tax |
| A company's total earnings (or profit). | Net Income |
| Social Security tax is usually collected in the form of payroll tax or self-employment tax. The Social Security tax pays for the retirement and disability benefits received by millions of Americans each year. | Social Security Tax |
| The W-2 form reports an employee's annual wages and the amount of taxes withheld from his or her paycheck. | W-2 Form |
| The W-4 form tells the employer the correct amount of tax to withhold from an employee's paycheck. | W-4 Form |
| The portion of an employee's wages that is not included in his or her paycheck because it is remitted directly to the federal, state and local tax authorities. | Withholding |
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