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icome and taxes

QuestionAnswer
A deviation from the basis grade or location allowable when delivering commodities under the terms of a futures contract. Allowances represent a premium or discount to the standards outlined in the futures agreement 1. Allowance
Amount of all you earned for the year added together 2. Accumulated
paid entirely or partially with commissions from sales one has made or for work one has done 3. Commissions
The action of deducting or subtracting something 4. Deduction
An individual whom a taxpayer can claim for credits and/or exemptions. A dependent is an individual, such as a qualifying 5. Dependent
Electronic funds that are deposited directly into your bank account rather than through a paper check. Common uses of a direct deposit include income tax refunds and pay checks Direct Deposit
Income derived from active participation 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
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... 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. Money received, esp. on a regular basis, for work or through in Income
The Federal government has set forth that employers must make deductions from employees’ paychecks for Social Security and Medicare... Medicare Tax
Income minus any taxes or deductions - take home pay 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
W-2 Forms) 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
A portion of an employee's wages or salary withheld by the employer as partial payment of the employee's income tax. Withholding
Created by: derricka
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