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Income and Taxes

QuestionAnswer
Amount of pay earned BEFORE taxes Gross Income
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 Comissions
Any item or expenditure subtracted from gross income to reduce the amount of income subject to tax. 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. This is the opposite of unearned income Earned Income
A person employed for wages or salary, esp. a nonexecutive. Employee
2.An amount that is or may be deducted from something, esp. from taxable income or tax to be paid Deduction
A person or organization that employs people Employer
The process of exempting a person from paying taxes on a specified amount of income for themselves and their dependents. Exemptions
An income tax is a tax levied on the income of individuals or businesses (corporations or other legal entities). Various income tax Federal Income Tax
The Federal Insurance Contributions Act (FICA) tax is a United States payroll (or employment) tax imposed by the federal government on FICA
Money received, esp. on a regular basis, for work or through investments. Income
The Federal government has set forth that employers must make deductions from employees’ paychecks for Social Security and Medicare Medicare Tax
the excess of revenues over outlays in a given period of time (including depreciation and other non-cash expenses). Net Income
The Federal Insurance Contributions Act (FICA) tax is a United States payroll (or employment) tax imposed by the federal government Social Security Tax
(W-2 Forms) Wage and Tax Statement. The form used to report wages, tips, other compensation, withheld income and social security taxes W-2 Form
IRS tax forms are used by taxpayers and tax-exempt organizations to report financial information to the Internal Revenue Service (IRS W-4 Form
The amount of an employee's pay withheld by the employer and sent directly to the government as partial payment of income tax Withholding
Created by: dmckay