Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
income and taxes
| Question | Answer |
|---|---|
| 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
Popular Finance sets