Income and Taxes
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| 2.A sum of money paid regularly to a person, typically to meet specified needs or 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. also called earned surplus or unappropriated profit or retained earning | accumulated earnings
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| The fee paid to a broker to execute a trade, based on number of shares, bonds, options, and/or their dollar value. | commissions
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| 2.An amount that is or may be deducted from something, esp. from taxable income or tax to be paid. | Deduction
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| Acceptance of a capital budgeting project contingent on the acceptance of another project | 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 who recieves a payment to work A person employed for wages or salary, esp. a nonexecutive. A person employed for wages or salary, esp. a nonexecutive. | Employee
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| someone who hires and supervizes people A person or organization that employs people. | Employer
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| 1.The process of freeing or state of being free from an obligation or liability imposed on others. | Exemptions
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| An income tax is a tax levied on the income of individuals or businesses (corporations or other legal entities). Various income tax... | 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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| The Federal government has set forth that employers must make deductions from employees’ paychecks for Social Security and Medicare... | Medicare
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| An individual's total personal income before taking taxes or deductions into account | Net income
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| The Federal Insurance Contributions Act (FICA) tax is a United States payroll (or employment) tax imposed by the federal government on... | social security tax
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| (W-2 Forms) Wage and Tax Statement. The form used to report wages, tips, other compensation, withheld income and social security taxes | W-2 forms
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| IRS tax forms are used by taxpayers and tax-exempt organizations to report financial information to the Internal Revenue Service (IRS)... | W-4 forms
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| The amount of an employee's pay withheld by the employer and sent directly to the government as partial payment of income tax. | Witholding tax
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