Income and Taxes
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| a sum of money allotted or granted for a particular purpose, as for expenses | Allowance
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| Earnings not paid out as dividends but instead reinvested in the core business or used to pay off debt | Accumulated Earnings
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| paid entirely or partially with commissions from sales one has made or for work one has done | Commissions
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| the act or process of deducting; subtraction | Deductions
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| a child, spouse, parent, or certain other relative to whom one contributes all or a major amount of necessary financial support | Dependent
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| a plan in which salaries or other payments are transferred by the paying agency directly to the accounts of the recipients | Direct Deposits
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| income from wages, salaries, fees, or the like, accruing from labor or services performed by the earner | Earned Income
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| a person working for another person or a business firm for pay | 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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| the circumstances of a taxpayer, as age or number of dependents, that allow him or her to make certain deductions from taxable income | Exemptions
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| An income tax is a tax levied on the income of individuals or businesses | Federal Income Tax
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| Federal Insurance Contributions Act: U.S. government legislation under which taxes are levied for the support of Social Security | FICA
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| Accounting. total revenue received before any deductions or allowances, as for rent, cost of goods sold, taxes | Gross Income
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| the monetary payment received for goods or services, or from other sources, as rents or investments | Income
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| The Federal government has set forth that employers must make deductions from employees’ paychecks for Social Security and Medicare | Medicare Tax
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| the excess of revenues over outlays in a given period of time (including depreciation and other non-cash expenses). | Net Income
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| The Federal Insurance Contributions Act (FICA) tax is a United States payroll | Social Security Tax
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| Wage and Tax Statement. The form used to report wages, tips, other compensation, withheld income and social security taxes | W-2 Form
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| IRS tax forms are used by taxpayers and tax-exempt organizations to report financial information to the Internal Revenue Service | W-4 Form
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| Refuse to give | Withholding
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Created by:
Jheard
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