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income and tax

QuestionAnswer
Amount of pay earned BEFORE taxes gross income
To dispense in fixed quantities; ration Allowance
is the sum of a company's profits, after dividend payments, since the company's inception. It can also be called retained earnings, earned surplus, or retained capital. Accumulated Earnings
the act or process of deducting; subtraction. Deduction
Contingent on another. Dependent
The electronic transfer of a payment directly from the account of the payer to that of the party being paid. Direct Deposit
(Economics) income derived from paid employment and comprising mainly wages and salaries Earned Income
A person who works for another in return for financial or other compensation. Employee
To engage the services of; put to work Employer
the circumstances of a taxpayer, as age or number of dependents, that allow him or her to make certain deductions from taxable income. Exemptions
A tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts and other legal entities. Federal income taxes are applied on all forms of earnings that make up a taxpayer's taxable income, such Federal Income Tax
Federal Insurance Contributions Act: U.S. government legislation under which taxes are levied for the support of Social Security. FICA
the monetary payment received for goods or services, or from other sources, as rents or investments. Income
Tax deducted from the wages of every legally working American that is used to pay for the Medicare program provided to individuals over the age of 65. This is typically another line item included on an employee's paystub. At the end of year, the employer Medicare Tax
Amount of pay earned BEFORE taxes Net Income
The tax levied on both employers and employees used to fund the Social Security program. 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 re Social Security Tax
a 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. W-2 Form
A form completed by an employee to indicate his or her tax situation (exemptions, status, etc.) to the employer. The W-4 form tells the employer the correct amount of tax to withhold from an employee's paycheck. W-4 Form
to deduct (withholding tax) from an employee's salary or wages. Withholding
Created by: khaleah