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Income and Taxes

QuestionAnswer
A sum of money allotted or granted to a person on a regular basis, as for personal or general living expenses. Allowance
A company's net profits after deducting distributions to the stocholders. 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
Any item or expenditure subtracted from gross income to reduce the amount of income subject to tax. Deduction
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. Earned Income
A person working for another person or a business firm for pay. Employee
A person or business that employs one or more people, especially for wages or salary. Employer
A deduction allowed by law to reduce the amount of income that would otherwise be taxed. An exemption is based on a status or circumstance rather than economic standing. Exemptions
A tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts and other legal entities. Federal Income Tax
A U.S. law requiring a deduction from paychecks and income that goes toward the Social Security program and Medicare. FICA
An individual's total personal income before taking taxes or deductions into account or a company's revenue minus cost of goods sold. Also called "gross margin" and "gross profit. Gross Income
Economic wealth that is generated in exchange for an individual's performance of agreed upon activities or through investing capital. Income is consumed to fuel day-to-day expenditures. Income
The Federal government has set forth that employers must make deductions from employees’ paychecks for Social Security and Medicare taxes - known as FICA (Federal Insurance Contributions Act). The two taxes are calculated at different rates. In addition, Medicare Tax
A company's total earnings (or profit). Net income is calculated by taking revenues and adjusting for the cost of doing business, depreciation, interest, taxes and other expenses. Net Income
The tax levied on both employers and employees used to fund the Social Security program. Social Security tax is usually collected in the form of payroll tax or self-employment tax. The Social Security tax pays for the retirement and disability benefits re Social Security Tax
The form that an employer must send to an employee and the IRS at the end of the year. The W-2 form reports an employee's annual wages and the amount of taxes withheld from his or her paycheck. W-2 Form
A form completed by an employee to indicate his or her tax situation (exemptions, status, etc.) to the employer. The W-4 form tells the employer the correct amount of tax to withhold from an employee's paycheck. W-4 Form
The portion of an employee's wages that is not included in his or her paycheck because it is remitted directly to the federal, state and local tax authorities. Withholding reduces the amount of tax employees must pay when they submit their annual tax retu Withholding
Created by: angie565656