Income and Taxes
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is mainly used to assist an employer in calculating the amount of income tax to withhold from an employee's paycheck. | 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 action of deducting or subtracting something. | Deduction
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a person who relies on another person for support (especially financial support). | Dependent
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The electronic transfer of a payment directly from the account of the payer to the recipient's account. | Direct Deposit
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Money derived from paid work. | Earned Income
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A person employed for wages or salary, esp. a nonexecutive. | Employee
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A person or organization that employs people. | Employer
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The process of exempting a person from paying taxes on a specified amount of income for themselves and their dependents | 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 | 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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Tax deducted from the wages of every legally working American that is used to pay for the Medicare program | Medicare Tax
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total revenue received before any deductions or allowances, as for rent, cost of goods sold, taxes, etc. | 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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Wage and Tax Statement | W-2 Form
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part of an employee's tax liability withheld by the employer from wages or salary and paid directly to the government. | Withholding
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