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income and taxes

QuestionAnswer
The authority to perform a task or certain duties. Commissions
A person who relies on another, esp. a family member, for financial 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. 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.The Federal Insurance Contributions Act (FICA) tax is a United States payroll (or employment) tax imposed by the federal government FICA (abbreviation and definition)
An extra benefit supplementing an employee's salary. Fringe Benefits
Gross income in United States tax law is receipts and gains from all sources less cost of goods sold Gross Income
A wage is a compensation, usually financial, received by workers in exchange for their labor Hourly Wage
Tax levied directly on personal income. Income Tax
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
a system in which employees receive a share of the net profits of the business. Profit Sharing
A fixed regular payment, typically paid on a monthly or biweekly basis but often expressed as an annual sum Salary
The Federal Insurance Contributions Act (FICA) tax is a United States payroll (or employment) tax imposed by the federal government Social Security Tax
Income tax systems generally allow a tax deduction for various items, especially expenses incurred to produce income. Tax Deduction
A sum of money given to someone as a way of rewarding them for their services. Tips
The W-2 form reports an employee's annual wages and the amount of taxes withheld from his or her paycheck. W2 Form
The W-4 form tells the employer the correct amount of tax to withhold from an employee's paycheck. W4 Form
The amount of an employee's pay withheld by the employer and sent directly to the government as partial payment of income tax. Withholding Allowance
Created by: mbrown1