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Income and taxes
| Question | Answer |
|---|---|
| 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
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