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Income and Taxes
| Question | Answer |
|---|---|
| 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
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