Income Taxes Vocab Word Scramble
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Question | Answer |
esp. within a set of regulations or for a specified purpose. | Allowance |
instead reinvested in the core business or used to pay off debt | Accumulated Earnings |
paid entirely or partially with commissions from sales one has made or for work onehas done | Commisions |
1.The action of deducting or subtracting something. | Deductions |
A person who relies on another | Dependent |
The electronic transfer of a payment directly from the account of the payer to the recipient's account. | Direct Deoposite |
Money derived from paid work | Earned Income |
A person employed for wages or salary, esp. a nonexecutive. | Employee |
A person or organization that employs people. | Employer |
2.The process of exempting a person from paying taxes on a specified amount of income for themselves and their dependents. | Exemptions |
An income tax is a tax levied on the income of individuals or businesses (corporations or other legal entities). Various income tax... | Federal Income Tax |
Federal Insurance Contributions Act. | FICA |
An individual's total personal income before taking taxes or deductions into account. | Gross Income |
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 |
The Federal government has set forth that employers must make deductions from employees’ paychecks for Social Security and Medicare... | Medicare Tax |
An individual's total personal income AFTER taking taxes or deductions into account | Net Income |
The Federal Insurance Contributions Act (FICA) tax is a United States payroll (or employment) tax imposed by the federal government on... | Social Security Tax |
Wage and Tax Statement. The form used to report wages, tips, other compensation, withheld income and social security taxes | W-2 Form |
IRS tax forms are used by taxpayers and tax-exempt organizations to report financial information to the Internal Revenue Service (IRS)... | W-4 Form |
portion of an employee's wages or salary withheld by the employer as partial payment of the employee's income tax | Withholding |
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neonbriqht14
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