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Income and Taxes

QuestionAnswer
An amount or share alloteed or granted. Allowance
are a companys net profits after deducting distributions to the stockholders. Accumulated Earnings
A service charge assessed by a broker or investment advisor in return for providing. Commissions
Any item or expenditure subtracted from gross income to reduce the amount of income. Deduction
An individual whom a taxpayer can claim for credits and/or exemptions. Dependent
Electronic funds that are deposited directly into your bank account rather than through a paper check. Direct Deposit
Income derived from active participation in a trade or business, including wages, salary, tips, commissions and bonuses. Earned Income
A person employed for wages or salary, esp. a nonexecutive. Employee
A person or organization that employs people. Employer
1.The process of freeing or state of being free from an obligation or liability imposed on others. Exemptions
An income tax is a tax levied on the income of individuals or businesses (corporations or other legal entities). Federal Income Tax
U.S. law requiring a deduction from paychecks and income that goes toward the Social Security program and Medicare. FICA
Gross income in United States tax law is receipts and gains from all sources less cost of goods sold. Gross Income
Created by: DatAss
 

 



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