income and taxes
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| The act of allowing | Allowance
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| To mount up; increase. | Accumulated Earnings
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| With a sales commission serving as full or partial recompense for the work done | Commissions
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| The act of deducting; subtraction. | Deduction
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| Contingent on another. | Dependent
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| The electronic transfer of a payment directly from the account of the payer to that of the party being paid. | Direct Deposit
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| (Economics) income derived from paid employment and comprising mainly wages and salaries | Earned Income
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| A person who works for another in return for financial or other compensation | Employee
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| A legal entity that controls and directs a servant or worker under an express or implied contract of employment and pays (or is obligated to pay) him or her salary or wages in compensation | Employer
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| Amount that can be legally deducted from a gross income to arrive at the taxable income. | Exemptions
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| Tax liabilities can be adjusted using various resources. | Federal Income Tax
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| Legislation in the United States that requires employees to contribute a certain percentage of their wages or salaries via payroll deductions to finance Medicare and Social Security | FICA
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| A person's total income prior to exclusions and deductions. | Gross Income
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| The money a person makes from labor, investment, or any other source, especially in the course of a year. Receiving income is the goal of all commerce. It is usually taxed by the government | Income
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| A certain percentage of wages or salaries used to finance Medicare. Employees are required to contribute 1.45% of their income to pay for Medicare, with no income limit. Employers are required to make matching contributions for each employee | Medicare Tax
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| The company's total earnings, reflecting revenues adjusted for costs of doing business, depreciation, interest, taxes and other expenses | Net Income
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| A program of the United States federal government that provides income to disabled and (especially) elderly people. | Social Security Tax
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| A form that an employer provides an employee each year indicating the employee's wages, salary, and/or tips and the amount of tax withheld over the course of the year | W-2 Form
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| A form that employees fill out when starting a job in the United States | W-4 Form
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| Used in the context of securities, the illegal practice of a public offering participant keeping some shares in a private account or with a family member, employee | Withholding
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