Income And Taxes
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| A sum of money paid regularly to a person, typically to meet specified needs or expenses | Allowance
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| profits are a company's net profits after deducting distributions to the stockholders. This is calculated as of the beginning of the year. | Accumulated Earnings
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| the fee allotted to an agent for services rendered | 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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| Relying on or requiring the aid of another for 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 A person employed for wages or salary | 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 | Federal Income Tax
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| Federal Insurance Contributions Act. | FICA
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| Gross income in United States tax law is receipts and gains from all sources less cost of goods sold. Gross income is the starting point... | 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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| the excess of revenues over outlays in a given period of time | 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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| (W-2 Forms) 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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| 2.Suppress or hold back | Withholding
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Created by:
dre1996
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