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Income and Taxes

QuestionAnswer
1.The amount of something that is permitted, esp. within a set of regulations or for a specified purpose. 1. Allowance
Earnings not paid out as dividends but instead reinvested in the core business or used to pay off debt. also called earned surplus or unappropriated profit or retained earnings. 2. Accumulated Earnings
The authority to perform a task or certain duties. 3. Commissions
1.The action of deducting or subtracting something. 2.An amount that is or may be deducted from something, esp. from taxable income or tax to be paid. 4. Deduction
A person who relies on another, esp. a family member, for financial support. 5. Dependent
The electronic transfer of a payment directly from the account of the payer to the recipient's account. 6. Direct Deposit
Money derived from paid work. 7. Earned Income
A person employed for wages or salary, esp. a nonexecutive. 8. Employee
A person or organization that employs people. 9. Employer
1.The process of freeing or state of being free from an obligation or liability imposed on others. 10. Exemptions
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
Federal Insurance Contributions Act. 12. FICA
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
Money received, esp. on a regular basis, for work or through investments. 14. Income
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
The Federal Insurance Contributions Act (FICA) tax is a United States payroll (or employment) tax imposed by the federal government 17. Social Security Tax
(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". 2.Suppress or hold back (an emotion or reaction). 20. Withholding
Created by: reneemariee
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