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income and taxes

QuestionAnswer
an amount of something, esp money or food, given or allotted usually at regular intervals allowance
Earnings not paid out as dividends but instead reinvested in the core business or used to pay off debt. also called earned surplus or unappropriated profit or retained earnings. Accumulated Earnings
A sales commission is a sum of money paid to an employee upon completion of a task, usually selling a certain amount of goods or services. Employers sometimes use sales commissions as incentives to increase worker productivity. Commissions
An amount of money that one may subtract from one's gross annual income when calculating one's income tax liability. Deduction
An individual for whom another individual is financially responsible. dependent
An electronic service in which a payment, especially but not limited to a paycheck, pension, or tax refund, is transferred immediately into the recipient's bank account. Direct Deposit
Money derived from paid work. earned income
A person employed for wages or salary, esp. a nonexecutive. employee
A person or organization that employs people. employer
1.The process of freeing or state of being free from an obligation or liability imposed on others. exemptions
An income tax is a tax levied on the income of individuals or businesses (corporations or other legal entities). Various income tax... federal tax income
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. 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 Federal Insurance Contributions Act (FICA) tax is a United States payroll (or employment) tax imposed by the federal government on... social security tax
IRS tax forms are used by taxpayers and tax-exempt organizations to report financial w-2 form
IRS tax forms are used by taxpayers and tax-exempt organizations to report financial 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: quinton23