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Income and Taxes*

The amount of something that is permitted, esp. within a set of regulations or for a specified purpose. 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 charged by a broker or agent for his/her service in facilitating a transaction, such as the buying or selling of securities or real estate. 3. Commissions
An expense subtracted from adjusted gross income when calculating taxable income, such as for state and local taxes paid, charitable gifts, and certain types of interest payments. also called tax deduction. 4. Deduction
A person who is financially supported by another person. 5. Dependent
The deposit of funds directly into a bank account as a form of payment. 6. Direct Deposit
Compensation from participation in a business, including wages, salary, tips, commissions and bonuses. 7. Earned Income
A person who is hired to provide services to a company on a regular basis in exchange for compensation and who does not provide these services as part of an independent business. 8. Employee
A person or organization that employs people. 9. Employer
A direct reduction taken from taxable income for a specific reason, as allowed by the IRS. 10. Exemptions
A tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts and other legal entities. 11. Federal Income Tax
The federal law which requires employers to withhold a portion of employee wages and pay them to the government trust fund which provides retirement benefits. 12. FICA
the amount someone earns before taxes are taken out Read more: http://www.investorwords.com/2243/gross_income.html#ixzz2HxvkM6WU 13. Gross Income
For corporations, revenues minus cost of sales, operating expenses, and taxes, over a given period of time. 14. Income
Tax deducted from the wages of every legally working American that is used to pay for the Medicare program provided to individuals over the age of 65. 15. Medicare Tax
In business, what remains after subtracting all the costs (namely, business, depreciation, interest, and taxes) from a company's revenues. 16. Net Income
Federal tax levied equally on employers and employees, used to pay for Social Security programs. 17. Social Security Tax
Wage and Tax Statement. A tax form prepared by an employer and given to an employee to be filed with his/her 1040 form, listing wages earned during that year, federal and state taxes withheld, and Social Security tax information. 18. W-2 Form
A tax form prepared by an employee for an employer indicating the employee's exemptions and Social Security number, and enabling the employer to determine the amount of taxes to be withheld for the employee. 19. W-4 Form
An amount of an employee's income that an employer sends directly to the federal, state, or local tax authority as partial payment of that individual's tax liability for the year. 20. Withholding
Created by: iprince