Income and Taxes
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| An allowance an individual claims on a W-4 form. | Allowance
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| A tax imposed by the federal government upon companies with retained earnings deemed to be unreasonable and in excess of what is considered ordinary. | Accumulated 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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| A deduction allowed by law to reduce the amount of income that would otherwise be taxed | Exemptions
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| A tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts and other legal entities. | Federal Income Tax
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| A U.S. law requiring a deduction from paychecks and income that goes toward the Social Security program and Medicare. Both employees and employers are responsible for sharing the FICA payments. | FICA
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| An individual's total personal income before taking taxes or deductions into account. | Gross Income
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| Economic wealth that is generated in exchange for an individual's performance of agreed upon activities or through investing capital | Income
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| U.S. federal health program | Medicare Tax
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| A company's total earnings (or profit). Net income is calculated by taking revenues and adjusting for the cost of doing business, depreciation, interest, taxes and other expenses. | Net Income
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| Social Security tax is usually collected in the form of payroll tax or self-employment tax. The Social Security tax pays for the retirement and disability benefits received by millions of Americans each year. | 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.) to the employer. | W-4 Form
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| The portion of an employee's wages that is not included in his or her paycheck because it is remitted directly to the federal, state and local tax authorities. | Withholding
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Created by:
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