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Income and Taxes

QuestionAnswer
An allowance an individual claims on a W-4 form. Allowance
A tax imposed by the federal government upon companies with retained earnings deemed to be unreasonable and in excess of what is considered ordinary. Accumulated Earnings
A service charge assessed by a broker or investment advisor in return for providing investment advice and/or handling the purchase or sale of a security. Commissions
Any item or expenditure subtracted from gross income to reduce the amount of income subject to tax. Deduction
An individual whom a taxpayer can claim for credits and/or exemptions. A dependent is an individual, such as a qualifying child, whom a taxpayer can claim on his or her federal and some state income tax returns. Dependent
Electronic funds that are deposited directly into your bank account rather than through a paper check Direct Deposit
Income derived from active participation in a trade or business, including wages, salary, tips, commissions and bonuses. This is the opposite of unearned income. Earned Income
A person employed for wages or salary, esp. a nonexecutive. Employee
A person or organization that employs people. Employer
A deduction allowed by law to reduce the amount of income that would otherwise be taxed Exemptions
A tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts and other legal entities. Federal Income Tax
A U.S. law requiring a deduction from paychecks and income that goes toward the Social Security program and Medicare. Both employees and employers are responsible for sharing the FICA payments. FICA
An individual's total personal income before taking taxes or deductions into account. Gross Income
Economic wealth that is generated in exchange for an individual's performance of agreed upon activities or through investing capital Income
U.S. federal health program Medicare Tax
A company's total earnings (or profit). Net income is calculated by taking revenues and adjusting for the cost of doing business, depreciation, interest, taxes and other expenses. Net Income
Social Security tax is usually collected in the form of payroll tax or self-employment tax. The Social Security tax pays for the retirement and disability benefits received by millions of Americans each year. Social Security Tax
The form that an employer must send to an employee and the IRS at the end of the year. W-2 Form
A form completed by an employee to indicate his or her tax situation (exemptions, status, etc.) to the employer. W-4 Form
The portion of an employee's wages that is not included in his or her paycheck because it is remitted directly to the federal, state and local tax authorities. Withholding
Created by: SNAnderson