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Incoming Taxes
| Question | Answer |
|---|---|
| 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
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