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Income And Taxes

QuestionAnswer
A sum of money paid regularly to a person, typically to meet specified needs or expenses Allowance
profits are a company's net profits after deducting distributions to the stockholders. This is calculated as of the beginning of the year. Accumulated Earnings
the fee allotted to an agent for services rendered Commissions
2.An amount that is or may be deducted from something, esp. from taxable income or tax to be paid Deduction
Relying on or requiring the aid of another for support Dependent
The electronic transfer of a payment directly from the account of the payer to the recipient's account. Direct Deposit
Money derived from paid work Earned Income
A person employed for wages or salary, esp. a nonexecutive A person employed for wages or salary 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 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
Money received, esp. on a regular basis, for work or through investments 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 Net Income
The Federal Insurance Contributions Act (FICA) tax is a United States payroll Social Security Tax
(W-2 Forms) Wage and Tax Statement. The form used to report wages, tips, other compensation, withheld income and social security taxes,... W-2 Form
IRS tax forms are used by taxpayers and tax-exempt organizations to report financial information to the Internal Revenue Service (IRS)... W-4 Form
2.Suppress or hold back Withholding
Created by: dre1996
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