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income and Taxes

QuestionAnswer
An allowance an individual claims on a W-4 form. 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
a fee paid based on a percentage of the sale made by an employee or agent, as distinguished from regular payments of wages or salary. 3. Commissions
an expenditure which an income tax payer may subtract from gross (total) income to determine taxable income 4. Deduction
a person receiving support from another person (such as a parent), which may qualify the party supporting the dependent for an exemption to reduce his/her income taxes. 2) 5. Dependent
The electronic transfer of a payment directly from the account of the payer to that of the party being paid. 6. Direct Deposit
(Economics) income derived from paid employment and comprising mainly wages and salaries 7. Earned Income
A person who works for another in return for financial or other compensation 8. Employee
1. (Business / Industrial Relations & HR Terms) a person, business, firm, etc., that employs workers 9. Employer
One that is exempted, especially an amount of income that is exempted from taxation 10. Exemptions
A tax levied on net personal or business income 11. Federal Income Tax
Federal Insurance Contributions Act 12. FICA
(Economics, Accounting & Finance / Accounting & Book-keeping) with no deductions for expenses, tax, etc.; total 13. Gross Income
The amount of money or its equivalent received during a period of time in exchange for labor or services, from the sale of goods or property, or as profit from financial investments. 14. Income
A certain percentage of wages or salaries used to finance Medicare 15. Medicare Tax
The company's total earnings, reflecting revenues adjusted for costs of doing business, depreciation, interest, taxes and other expenses. 16. Net Income
A program of the United States federal government that provides income to disabled and (especially) elderly people 17. Social Security Tax
A form that an employer provides an employee each year indicating the employee's wages, salary, and/or tips and the amount of tax withheld over the course of the year. 18. W-2 form
A form that employees fill out when starting a job in the United States 19. W-4 form
The act or practice of not giving a certain percentage of money that otherwise belongs to a person 20. Withholding
Created by: asia wells