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incom and taxes
| Question | Answer |
|---|---|
| A sum of money paid regularly to a person, typically to meet specified needs or expenses. | 1. Allowance |
| Earnings not paid out as dividends but instead reinvested in the core business or used to pay off debt. | 2. Accumulated Earnings |
| The authority to perform a task or certain duties. | 3. Commissions |
| 1.The action of deducting or subtracting something. | 4. Deduction |
| A variable (often denoted by y) whose value depends on that of another | 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. A person employed for wages or salary, esp. a nonexecutive. | 8. Employee |
| A person or organization that employs people. | 9. Employer |
| 2.The process of exempting a person from paying taxes on a specified amount of income for themselves and their dependents. | 10. Exemptions |
| An income tax is a tax levied on the income of individuals or businesses (corporations or other legal entities). | 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. | 13. Gross Income |
| Money received, esp. on a regular basis, for work or through investments. 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... | Medicare Tax |
| the excess of revenues over outlays in a given period of time (including depreciation and other non-cash expenses). | 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 |
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