Income Taxes Vocab
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| esp. within a set of regulations or for a specified purpose. | Allowance
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| 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 onehas done | Commisions
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| 1.The action of deducting or subtracting something. | Deductions
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| A person who relies on another | Dependent
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| The electronic transfer of a payment directly from the account of the payer to the recipient's account. | Direct Deoposite
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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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| 2.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 (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. 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 Tax
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| An individual's total personal income AFTER 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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| 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 (IRS)... | W-4 Form
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| portion of an employee's wages or salary withheld by the employer as partial payment of the employee's income tax | Withholding
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