Income and taxes
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| An allowance an individual claims on a W-4 Form. A withholding allowance 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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| An accounting term applicable to stockholders of closely held businesses. Accumulated earnings and profits are a company's net profits after deducting distributions to the stockholders. This is calculated as of the beginning of the year. | Accumalated 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. A dependent is an individual, such as a qualifying child, whom a taxpayer can claim on his or her federal and some state income tax returns. | 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. This is the opposite of unearned income. | 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. | 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 funds collected from employees for Social Security are not put into a trust for the individual employee currently paying into the system, but rather are used to pay existing retirees | 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.) | W-4 Form
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| 1.Refuse to give (something that is due to or is desired by another): "the withholding of consent to treatment". | Withholding
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