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Incomes & Taxes

QuestionAnswer
a sum of money allotted or granted for a particular purpose, as 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
an authoritative order, charge, or direction. Commissions
the act or process of deducting; subtraction. Deduction
relying on someone or something else for aid, support, etc. Dependent
a plan in which salaries or other payments are transferred by the paying agency directly to the accounts of the recipients. Direct Deposit
income from wages, salaries, fees, or the like, accruing from labor or services performed by the earner. Earned Income
a person working for another person or a business firm for pay. Employee
a person or business that employs one or more people, especially for wages or salary. 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
An income tax is a tax levied on the income of individuals or businesses (corporations or other legal entities). Federal Income Tax
Federal Insurance Contributions Act FICA
Gross income in United States tax law is receipts and gains from all sources less cost of goods sold. Gross Income
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 taxes - known as FICA (Federal Insurance Contributions Act). Medicare Tax
Taxes minus transfers. Net Income
Created by: toverton