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income and taxes
| Question | Answer |
|---|---|
| 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
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