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Income Tax

QuestionAnswer
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
Created by: aarp824