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Income Taxes

QuestionAnswer
An amount that is allowed or granted allowance
paid entirely or partially with commissions from sales one has made or for work one has done Commissions
something that is or may be deducted Deduction
relying on someone or something else for aid 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
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). Various income tax 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 is the starting point Gross Income
the monetary payment received for goods or services, or from other sources, as rents or investments. Income
Tax deducted from the wages of every legally working American that is used to pay for the Medicare program provided to individuals Medicare Tax
A company's total earnings or profit Net Income
Federal tax levied equally on employers and employees, used to pay for Social Security programs. Social Security Tax
Wage and Tax Statement. The form used to report wages, tips, other compensation, withheld income and social security taxes,... W-2 Form
tells the employer the correct amount of tax to withhold from an employee's paycheck. W-4 Form
Refuse to give Withholding
Gather together or acquire an increasing number or quantity of Accumulated
Created by: yhicks