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Income and Taxes

Question
A sum of money paid regularly to a person, typically to meet specified needs or expenses Allowance
Accumulated earnings and profits is an accounting term that is applied to stockholders of closely held businesses Accumulated Earnings
The authority to perform a task or certain duties Commissions
2.An amount that is or may be deducted from something, esp. from taxable income or tax to be paid Deduction
A person who relies on another, esp. a family member, for financial support Dependent
The electronic transfer of a payment directly from the account of the payer to the recipient's account Direct Deposit
Money derived from paid work Earned Income
A person employed for wages or salary, esp. a nonexecutive Employee
A person or organization that employs people A person or organization that employs people Employer
2.The process of exempting a person from paying taxes on a specified amount of income for themselves and their dependents Exemptions
An income tax is a tax levied on the income of individuals or businesses Federal Income Tax
Federal Insurance Contributions Act FICA
Gross income in United States tax law is receipts and gains from all sources less cost of goods sold Gross Income
Money received, esp. on a regular basis, for work or through investments Income
The Federal government has set forth that employers must make deductions from employees’ paychecks for Social Security and Medicare Medicare Tax
the excess of revenues over outlays in a given period of time Net Income
The Federal Insurance Contributions Act (FICA) tax is a United States payroll (or employment) tax imposed by the federal government on Social Security Tax
Wage and Tax Statement. The form used to report wages, tips, other compensation, withheld income and social security taxes W-2 Form
IRS tax forms are used by taxpayers and tax-exempt organizations to report financial information to the Internal Revenue Service (IRS)... W-4 Form
1.Refuse to give (something that is due to or is desired by another): "the withholding of consent to treatment". Withholding
Created by: Jpeay
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