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Income Tax
| Question | Answer |
|---|---|
| a sum of money allotted or granted for a particular purpose, as for expenses | 1. Allowance |
| Earnings not paid out as dividends but instead reinvested in the core business or used to pay off debt. also called earned surplus or unappropriated profit or retained earnings. | 2. Accumulated Earnings |
| paid entirely or partially with commissions from sales one has made or for work one has done | 3. Commissions |
| something that is or may be deducted | 4. Deduction |
| relying on someone or something else for aid, support | 5. Dependent |
| a plan in which salaries or other payments are transferred by the paying agency directly to the accounts of the recipients. | 6. Direct Deposit |
| income from wages, salaries, fees, or the like, accruing from labor or services performed by the earner | 7. Earned Income |
| a person working for another person or a business firm for pay. | 8. Employee |
| a person or business that employs one or more people, especially for wages or salary | 9. Employer |
| the circumstances of a taxpayer, as age or number of dependents, that allow him or her to make certain deductions from taxable income. | 10. Exemptions |
| An income tax is a tax levied on the income of individuals or businesses (corporations or other legal entities). | 11. Federal Income Tax |
| Federal Insurance Contributions Act | 12. FICA |
| Gross income in United States tax law is receipts and gains from all sources less cost of goods sold | 13. Gross Income |
| Money received, esp. on a regular basis, for work or through investments. Money received, esp. on a regular basis, for work or through investments. Money received, esp. on a regular basis, for work or through investments. | 14. Income |
| The Federal government has set forth that employers must make deductions from employees’ paychecks for Social Security and Medicare... | 15. Medicare Tax |
| the excess of revenues over outlays in a given period of time (including depreciation and other non-cash expenses). | 16. Net Income |
| The Federal Insurance Contributions Act (FICA) tax is a United States payroll (or employment) tax imposed | 17. Social Security Tax |
| Wage and Tax Statement. The form used to report wages, tips, other compensation, withheld income and social security taxes | 18. W-2 Form |
| IRS tax forms are used by taxpayers and tax-exempt organizations to report financial information to the Internal Revenue Service (IRS)... | 19. 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. | 20. Withholding |
Created by:
Jassy1
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