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Income & Taxes

QuestionAnswer
1.The amount of something that is permitted Allowance
Accumulated earnings and profits are a company's net profits after deducting distributions to the stockholders Accumulated Earnings
A service charge assessed by a broker or investment advisor in return for providing investment advice and/or handling the purchase or sale of a security. Commissions
Any item or expenditure subtracted from gross income to reduce the amount of income subject to tax. Deduction
A person who relies on another, esp. a family member, for financial support. 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
2.The process of exempting a person from paying taxes on a specified amount of income for themselves and their dependents. Exemptions
An income tax is a tax levied on the income of individuals or businesses (corporations or other legal entities) Federal Income Tax
Federal Insurance Contributions Act FICA
Gross income in United States tax law is receipts and gains from all sources less cost of goods sold. Gross Income
Money received, esp. on a regular basis, for work or through investments Income
A federal system of health insurance for people over 65 years of age and for certain younger people with disabilities. Medicare Tax
the excess of revenues over outlays in a given period of time Net Income
A payroll deduction based on gross wages paid; this amount is matched by the employer as required by the Federal Insurance Contribution Act (FICA). Social Security Tax
A form used to report gross pay and tax deductions for each employee to the IRS for a calendar year. W-2 Form
A form on which an employee declares the amount of federal tax deductions to be deducted from her/his salary W-4 Form
Income tax withheld from employees' wages and paid directly to the government by the employer. Withholding
Created by: cheri1996
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