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income and taxes

QuestionAnswer
The act of allowing Allowance
To mount up; increase. Accumulated Earnings
With a sales commission serving as full or partial recompense for the work done Commissions
The act of deducting; subtraction. Deduction
Contingent on another. Dependent
The electronic transfer of a payment directly from the account of the payer to that of the party being paid. Direct Deposit
(Economics) income derived from paid employment and comprising mainly wages and salaries Earned Income
A person who works for another in return for financial or other compensation Employee
A legal entity that controls and directs a servant or worker under an express or implied contract of employment and pays (or is obligated to pay) him or her salary or wages in compensation Employer
Amount that can be legally deducted from a gross income to arrive at the taxable income. Exemptions
Tax liabilities can be adjusted using various resources. Federal Income Tax
Legislation in the United States that requires employees to contribute a certain percentage of their wages or salaries via payroll deductions to finance Medicare and Social Security FICA
A person's total income prior to exclusions and deductions. Gross Income
The money a person makes from labor, investment, or any other source, especially in the course of a year. Receiving income is the goal of all commerce. It is usually taxed by the government Income
A certain percentage of wages or salaries used to finance Medicare. Employees are required to contribute 1.45% of their income to pay for Medicare, with no income limit. Employers are required to make matching contributions for each employee Medicare Tax
The company's total earnings, reflecting revenues adjusted for costs of doing business, depreciation, interest, taxes and other expenses Net Income
A program of the United States federal government that provides income to disabled and (especially) elderly people. Social Security Tax
A form that an employer provides an employee each year indicating the employee's wages, salary, and/or tips and the amount of tax withheld over the course of the year W-2 Form
A form that employees fill out when starting a job in the United States W-4 Form
Used in the context of securities, the illegal practice of a public offering participant keeping some shares in a private account or with a family member, employee Withholding
Created by: mialantae