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.
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| An allowance an individual claims on a W-4 form. | 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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| a fee paid based on a percentage of the sale made by an employee or agent, as distinguished from regular payments of wages or salary. | 3. Commissions
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| an expenditure which an income tax payer may subtract from gross (total) income to determine taxable income | 4. Deduction
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| a person receiving support from another person (such as a parent), which may qualify the party supporting the dependent for an exemption to reduce his/her income taxes. 2) | 5. 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. | 6. Direct Deposit
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| (Economics) income derived from paid employment and comprising mainly wages and salaries | 7. Earned Income
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| A person who works for another in return for financial or other compensation | 8. Employee
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| 1. (Business / Industrial Relations & HR Terms) a person, business, firm, etc., that employs workers | 9. Employer
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| One that is exempted, especially an amount of income that is exempted from taxation | 10. Exemptions
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| A tax levied on net personal or business income | 11. Federal Income Tax
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| Federal Insurance Contributions Act | 12. FICA
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| (Economics, Accounting & Finance / Accounting & Book-keeping) with no deductions for expenses, tax, etc.; total | 13. Gross Income
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| The amount of money or its equivalent received during a period of time in exchange for labor or services, from the sale of goods or property, or as profit from financial investments. | 14. Income
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| A certain percentage of wages or salaries used to finance Medicare |
15. 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. | 16. Net Income
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| A program of the United States federal government that provides income to disabled and (especially) elderly people | 17. 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. | 18. W-2 form
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| A form that employees fill out when starting a job in the United States | 19. W-4 form
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| The act or practice of not giving a certain percentage of money that otherwise belongs to a person | 20. Withholding
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Created by:
asia wells
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