Income and Taxes
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| An allowance an individual claims on a W-4 Form. | Allowance
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| An accounting term applicable to stockholders of closely held businesses. | Accumulated Earnings
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| 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
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| Any item or expenditure subtracted from gross income to reduce the amount of income subject to tax. | Deduction
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| An individual whom a taxpayer can claim for credits and/or exemptions | Dependent
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| Electronic funds that are deposited directly into your bank account rather than through a paper check | Direct Deposit
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| Income derived from active participation in a trade or business, including wages, salary, tips, commissions and bonuses. | Earned Income
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| A person employed for wages or salary | Employee
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| a person or business that employs one or more people, especially for wages or salary: | Employer
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| A deduction allowed by law to reduce the amount of income that would otherwise be taxed. | Exemptions
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| 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
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| A U.S. law requiring a deduction from paychecks and income that goes toward the Social Security program and Medicare | FICA
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| An individual's total personal income before taking taxes or deductions into account. | Gross Income
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| Money received, esp. on a regular basis, for work or through investments | Income
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| An employee's earnings that are subject to a U.S. payroll tax known as the "Medicare tax." Similar to the other U.S. payroll tax - | Medicare Tax
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| A company's total earnings (or profit). Net income is calculated by taking revenues and adjusting for the cost of doing business, depreciation, interest, taxes and other expenses. | Net Income
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| The tax levied on both employers and employees used to fund the Social Security program. | Social Security Tax
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| The form that an employer must send to an employee and the IRS at the end of the year. | W-2 Form
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| A form completed by an employee to indicate his or her tax situation (exemptions, status, etc.) to the employer. | W-4 Form
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| The portion of an employee's wages that is not included in his or her paycheck because it is remitted directly to the federal, state and local tax authorities. | Withholding
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