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income and taxes

QuestionAnswer
Allowance - an amount of a person's income that is not subject to a particular tax and is therefore deducted before his or her liability to taxation is assessed Allowance
Earnings not paid out as dividends but instead reinvested in the core business or used to pay off debt. 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
The act of deducting; subtraction. Deduction
Relying on or requiring the aid of another for support Dependent
The electronic transfer of a payment directly from the account of the payer to that of the party being paid Direct Deposit
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
Exemption - The process of exempting a person from paying taxes on a specified amount of income for themselves and their dependents. Exemptions
The amount owed to the federal government related to an individual's or a company's source in income. Federal Income Tax
FICA - Federal Insurance Contributions Act: U.S. government legislation under which taxes are levied for the support of Social Security FICA
Gross Income - the money earned before taxes are taken out of your pay Gross Income
The money a person makes from labor, investment, or any other source, especially in the course of a year Income
A certain percentage of wages or salaries used to finance Medicare. Medicare Tax
Net Income - the money earned before after are taken out of your pay Net Income
A program of the United States federal government that provides income to disabled and (especially) elderly people. Social Security Tax
A form that an employer provides an employee each year indicating the employee's wages, salary, and/or tips and the amount of tax withheld over the course of the year. W-2 Form
A form that employees fill out when starting a job in the United States. W-4 Form
Withholding - A portion of an employee's wages or salary withheld by the employer as partial payment of the employee's income tax. Withholding
Created by: gubiles