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Income and taxes

QuestionAnswer
An allowance an individual claims on a W-4 Form. A withholding allowance is mainly used to assist an employer in calculating the amount of income tax to withhold from an employee's paycheck. Allowance
An accounting term applicable to stockholders of closely held businesses. Accumulated earnings and profits are a company's net profits after deducting distributions to the stockholders. This is calculated as of the beginning of the year. Accumalated 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
Any item or expenditure subtracted from gross income to reduce the amount of income subject to tax. Deduction
An individual whom a taxpayer can claim for credits and/or exemptions. A dependent is an individual, such as a qualifying child, whom a taxpayer can claim on his or her federal and some state income tax returns. dependent
Electronic funds that are deposited directly into your bank account rather than through a paper check. Direct deposit
Income derived from active participation in a trade or business, including wages, salary, tips, commissions and bonuses. This is the opposite of unearned income. earned income
A person employed for wages or salary, esp. a nonexecutive. Employee
A person or organization that employs people. Employer
2.The process of exempting a person from paying taxes on a specified amount of income for themselves and their dependents. 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
An individual's total personal income before taking taxes or deductions into account. 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 Medicare Tax
the excess of revenues over outlays in a given period of time (including depreciation and other non-cash expenses). Net Income
The funds collected from employees for Social Security are not put into a trust for the individual employee currently paying into the system, but rather are used to pay existing retirees Social security tax
The form that an employer must send to an employee and the IRS at the end of the year. W-2 form
A form completed by an employee to indicate his or her tax situation (exemptions, status, etc.) W-4 Form
1.Refuse to give (something that is due to or is desired by another): "the withholding of consent to treatment". Withholding
Created by: Dae'vonna