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Income and Taxes

QuestionAnswer
An amount that is allowed or granted Allowance
Earnings not paid out as dividends, but instead reinvested in the core business or used to pay off debt. Accumulated Earnings
The act of granting certain powers or the authority 5to carry out particular task or duty. Commissions
The drawing of a conclusion by reasoning;the act of deducting. Deduction
Relying on or requiring the aid of another for support Dependent
Electronic funds that are deposited directly into your bank account rather than through a paper check Direct Deposit
Wages from a job, whether in cash or another form;; Net earnings from a business, if a person is self-employed;; Payments for services ... Earned Income
A person who works for another in return for financial or other compensation. Employee
To engage the services of; put to work: agreed to employ the job applicant. Employer
The act or an instance of exempting Exemptions
are applied on all forms of earnings that make up a taxpayer's taxable income, such as employment earnings or capital gains. Federal Income Tax
A U.S. law requiring a deduction from paychecks and income that goes toward the Social Security program and Medicare. FICA
An individual's total personal income before taking taxes or deductions into account. Gross Income
The amount of money or its equivalent received during a period of time in exchange for labor or services, from the sale of goods or property Income
deducted from the wages of every legally working American that is used to pay for the Medicare program provided to individuals Medicare Tax
is informally called the bottom line because it is typically found on the last line of a company's income statement Net Income
The Federal Insurance Contributions Act, or FICA, provides for a federal system of old-age, survivors, disability and hospital insurance Social Security Tax
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
. A portion of an employee's wages or salary withheld by the employer as partial payment of the employee's income tax. Withholding
Created by: kdurham