Income & Taxes Word Scramble
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Question | Answer |
1.The amount of something that is permitted | Allowance |
Accumulated earnings and profits are a company's net profits after deducting distributions to the stockholders | Accumulated Earnings |
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 |
Any item or expenditure subtracted from gross income to reduce the amount of income subject to tax. | Deduction |
A person who relies on another, esp. a family member, for financial support. | Dependent |
The electronic transfer of a payment directly from the account of the payer to the recipient's account. | Direct Deposit |
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) | Federal Income Tax |
Federal Insurance Contributions Act | FICA |
Gross income in United States tax law is receipts and gains from all sources less cost of goods sold. | Gross Income |
Money received, esp. on a regular basis, for work or through investments | Income |
A federal system of health insurance for people over 65 years of age and for certain younger people with disabilities. | Medicare Tax |
the excess of revenues over outlays in a given period of time | Net Income |
A payroll deduction based on gross wages paid; this amount is matched by the employer as required by the Federal Insurance Contribution Act (FICA). | Social Security Tax |
A form used to report gross pay and tax deductions for each employee to the IRS for a calendar year. | W-2 Form |
A form on which an employee declares the amount of federal tax deductions to be deducted from her/his salary | W-4 Form |
Income tax withheld from employees' wages and paid directly to the government by the employer. | Withholding |
Created by:
cheri1996
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