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Income Tax

QuestionAnswer
A sum of money paid regularly to a person, typically to meet specified needs or 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
paid entirely or partially with commissions from sales one has made or for work one has done Commissions
2.An amount that is or may be deducted from something, esp. from taxable income or tax to be paid. Deduction
A person who relies on another, esp. a family member, for financial support Dependent
The electronic transfer of a payment directly from the account of the payer to the recipient's account. Direct Deposit
Money derived from paid work Earned Income
A person employed for wages or salary, esp. a nonexecutive Employee
A person or organization that employs people Employer
2.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
Federal Insurance Contributions Act FICA
An individual's total personal income before taking taxes or deductions into account Gross Income
Money received, esp. on a regular basis, for work or through investments Income
A company's total earnings (or profit). Net income is calculated by taking revenues and adjusting for the cost of doing business, depreciation, interest, taxes ... Net Income
The tax levied on both employers and employees used to fund the Social Security program. Social Security Tax
The form that an employer must send to an employee and the IRS at the end of the year W-2 Form
A form completed by an employee to indicate his or her tax situation (exemptions, status, etc.) to the employer W-4 Form
A portion of an employee's wages or salary withheld by the employer as partial payment of the employee's income tax Withholding
Tax deducted from the wages of every legally working American that is used to pay for the Medicare program provided to individuals medicare tax
Created by: tjohnson123