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Income and Taxes
| Question | Answer |
|---|---|
| A sum set aside for an occurrence that may or may not come to pass. | Allowance |
| When companies do not issue dividends, its total assets increase by either reinvesting the profits back to its business or simply holding it as huge liquid cash | Accumulated Earnings |
| With a sales commission serving as full or partial recompense for the work done | Commissions |
| it may reduce your income tax. Whether or not it reduces your income tax depends on several factors. | Deduction |
| There are two possible cases when testing two population means, the dependent case and the independent case. 4. used only in connection with other forms, not in isolation; subordinate. In I walked out when the bell rang, when the bell rang is a depe | Dependent |
| In deposit terminology, the term Direct Deposit refers to the deposit of money made into a bank account directly from an employer to an employee. Direct Deposit also includes tax refunds. | Direct Deposit |
| Compensation from participation in a business, including wages, salary, tips, commissions and bonuse. | Earned Income |
| A person who is hired to provide services to a company on a regular basis in exchange for compensation and who does not provide these services as part of an independent business. | Employee |
| A legal entity that controls and directs a servant or worker under an express or implied contract of employment and pays (or is obligated to pay) him or her salary or wages. | Employer |
| Immunity from an obligation or duty | Exemptions |
| A tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts and other legal entities | Federal Income Tax |
| A tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts and other legal entities Read more: http://www.investopedia.com/terms/f/federal_income_tax.asp#ixzz2H1QGOYcb | FICA |
| A company's revenue minus cost of goods sold. Also called "gross margin" and "gross profit | Gross Income |
| the monetary payment received for goods or services, or from other sources, as rents or investments | Income |
| The Medicare tax is the amount withheld by your employer from your paycheck that helps cover the cost of running the Medicare program | Medicare Tax |
| In business, what remains after subtracting all the costs (namely, business, depreciation, interest, and taxes) from a company's revenuen | Income Net |
| Federal tax levied equally on employers | Social Security Tax |
| The form that an employer must send to an employee and the IRS at the end of the year. The W-2 form reports an employee's annual wages and the amount of taxes withheld. Federal tax levied equally on employers and employees, used to pay for Social Secur | W-2 Form |
| The form that an employer must send to an employee and the IRS at the end of the year. The W-2 form reports an employee's annual wages and the amount of taxes withheld from his or her paycheck Read more: http://www.investopedia.com/terms/w/w2form.asp#i | |
| Withholding |
Created by:
tyshaetucker
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