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Income or Taxes

An allowance an individual claims on a W-4 Form Allowance
Definition of 'Accumulated Earnings Tax' A tax imposed by the federal government upon companies with retained earnings Accumulated Earnings
Most major, full-service brokerages derive most of their profits from charging commissions on client transactions Commissions
Any item or expenditure subtracted from gross income to reduce the amount of income subject to tax. Deduction
An individual whom a taxpayer can claim for credits and/or exemptions. A dependent is an individual, such as a qualifying child, whom a taxpayer can claim on his or her federal and some state income tax returns 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. Employer
A deduction allowed by law to reduce the amount of income that would otherwise be taxed Exemptions
A tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts and other legal entities. Federal Income Tax
'Federal Insurance Contributions Act FICA
An individual's total personal income before taking taxes or deductions into account. Gross Income
refer to a company's remaining revenues after all expenses and taxes have been paid. In this case, it is also known as "earnings". Income
An employee's earnings that are subject to a US payroll tax known as the "Medicare tax." Medicare Tax
is calculated by taking revenues and adjusting for the cost of doing business, depreciation, interest, taxes and other expenses Net Income
is usually collected in the form of payroll tax or self-employment tax. Social Security Tax
The form that an employer must send to an employee and the IRS at the end of the year. W-2 Form
A W-4 is a form that individuals complete for withholding purpose W-4 Form
Withholding reduces the amount of tax employees must pay when they submit their annual tax returns Withholding
Created by: doyoung1