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Incoming Taxes

QuestionAnswer
allowance is an amount of money set aside for a designated purpose. Allowance
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
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
An amount that is or may be deducted Deduction
relying on someone or something else for aid, support Dependent
a banking term that describes a deposit of money straight from the source into a bank account, by electronic funds Direct Deposit
derived from active participation in a trade or business, including wages, salary, tips, commissions and bonuses. Earned Income
a person working for another person or a business firm for pay Employee
A legal entity that controls and directs a servant or worker under an express or implied contract of employment and pays Employer
The act or an instance of exempting Exemptions
rate schedule is a chart that helps United States taxpayers determine their federal income tax burden for a particular year. Federal Income Tax
Federal Insurance Contributions Act (FICA) tax is a United States Federal payroll (or employment) tax imposed on both employees and employers to fund Social 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
The Additional Medicare Tax applies to individuals' wages, other compensation, and self-employment income over certain thresholds Medicare Tax
A company's total earnings (or profit) Net Income
The Social Security tax rate had been temporarily reduced for the years 2011 and 2012, in what was referred to as a payroll tax holiday. Social Security Tax
Form W-2, Wage and Tax Statement. Every employer engaged in a trade or business who pays remuneration for services performed W-2 Form
W-4 is one of the first things you do when you start a new job. W-4 Form
portion of an employee's wages or salary withheld by the employer as partial payment of the employee's income tax. Withholding
Created by: telly