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income and taxes 2
| Question | Answer |
|---|---|
| A sum set aside for an occurrence that may or may not come to pass. | Allowance |
| Earnings not paid out as dividends but instead reinvested in the core business or used to pay off debt. | Accumulated Earnings |
| fee charged by a broker or agent for his/her service in facilitating a transaction, such as the buying or selling of securities or real estate | Commissions |
| An expense subtracted from adjusted gross income when calculating taxable income, | Deduction |
| A person who is financially supported by another person | Dependent |
| The deposit of funds directly into a bank account as a form of payment | Direct Deposit |
| Compensation from participation in a business, including wages, salary, tips, commissions and bonuses | Earned Income |
| A person who is hired to provide services to a company on a regular basis in exchange for compensation | Employee |
| a person or company that has regular employees and pays them | Employer |
| A direct reduction taken from taxable income for a specific reason | Exemptions |
| Annual tax levied by the Federal government, most states, and some local governments, on an individual's or corporation's net profit | Federal Income Tax |
| The federal law which requires employers to withhold a portion of employee wages and pay them to the government trust fund which provides retirement benefits | FICA |
| Pre-tax net sales minus cost of sales | Gross Income |
| For corporations, revenues minus cost of sales, operating expenses, and taxes, over a given period of time. | Income |
| Tax deducted from the wages of every legally working American that is used to pay for the Medicare program provided to individuals over the age of 65. | Medicare Tax |
| In business, what remains after subtracting all the costs (namely, business, depreciation, interest, and taxes) from a company's revenues. | Net Income |
| Federal tax levied equally on employers and employees, used to pay for Social Security programs. | Social Security Tax |
| A tax form prepared by an employer and given to an employee to be filed with his/her 1040 form, listing wages earned during that year, federal and state taxes withheld, and Social Security tax information. | W-2 Form |
| A tax form prepared by an employee for an employer indicating the employee's exemptions and Social Security number, and enabling the employer to determine the amount of taxes to be withheld for the employee. | W-4 Form |
| An amount of an employee's income that an employer sends directly to the federal, state, or local tax authority as partial payment of that individual's tax liability for the year | Withholding |
Created by:
Shanic
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