Income and Taxes
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| 1.The amount of something that is permitted, esp. within a set of regulations or for a specified purpose. | 1. Allowance
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| Earnings not paid out as dividends but instead reinvested in the core business or used to pay off debt. also called earned surplus or unappropriated profit or retained earnings. | 2. Accumulated Earnings
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| The authority to perform a task or certain duties. | 3. Commissions
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| 1.The action of deducting or subtracting something. 2.An amount that is or may be deducted from something, esp. from taxable income or tax to be paid. | 4. Deduction
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| A person who relies on another, esp. a family member, for financial support. | 5. Dependent
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| The electronic transfer of a payment directly from the account of the payer to the recipient's account. | 6. Direct Deposit
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| Money derived from paid work. | 7. Earned Income
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| A person employed for wages or salary, esp. a nonexecutive. | 8. Employee
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| A person or organization that employs people. | 9. Employer
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| 1.The process of freeing or state of being free from an obligation or liability imposed on others. | 10. 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... | 11. Federal Income Tax
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| Federal Insurance Contributions Act. | 12. 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... | 13. Gross Income
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| Money received, esp. on a regular basis, for work or through investments. | 14. Income
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| The Federal government has set forth that employers must make deductions from employees’ paychecks for Social Security and Medicare... | 15. 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). | 16. 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 | 17. 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 | 18. 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)... | 19. 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". 2.Suppress or hold back (an emotion or reaction). | 20. Withholding
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reneemariee
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