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income and taxes

QuestionAnswer
A person employed for wages or salary, esp. a nonexecutive 8. Employee
2. A person or organization that employs people 9. Employer
3. 1.The process of freeing or state of being free from an obligation or liability imposed on others. 10. Exemptions
4. An income tax is a tax levied on the income of individuals or businesses (corporations or other legal entities). Various income tax 11. Federal Income Tax
5. Federal Insurance Contributions Act 12. FICA
6. Gross income in United States tax law is receipts and gains from all sources less cost of goods sold. Gross income is the starting point... 13. Gross Income
7. Money received, esp. on a regular basis, for work or through investments. Money received, esp. on a regular basis, for work or through investments. Money received, esp. on a regular basis, for work or through 14. Income
Money derived from paid work Earned Income
The electronic transfer of a payment directly from the account of the payer to the recipient's account. direct deposit
something that is or may be subtracted Deduction
a form of payment to an agent for services rendered; Commissions
tax has been referred to as "a penalty on success itself. ... shareholders by permitting earnings and profits to accumulate Accumulated Earnings
An amount that is allowed or granted: Allowance
The Federal government has set forth that employers must make deductions from employees’ paychecks for Social Security and Medicare 15. Medicare Tax
the excess of revenues over outlays in a given period of time (including depreciation and other non-cash expenses). 16. Net Income
W-2 Forms) Wage and Tax Statement. The form used to report wages, tips, other compensation, withheld income and social security taxes 18. W-2 Form
IRS tax forms are used by taxpayers and tax-exempt organizations to report financial information to the Internal Revenue Service (IRS)... 19. W-4 Form
1.Refuse to give (something that is due to or is desired by another): "the withholding of consent to treatment". 20. Withholding
Created by: joi woods
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