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Income Taxes
| Question | Answer |
|---|---|
| a sum of money allotted or granted for a particular purpose, as for expenses | Allowance |
| A company's accumulated retained earnings are the cumulative residual profits or losses since the start of its business activities. If it is a positive amount, | Accumulated Earnings |
| the act of committing or giving in charge | Commissions |
| the act or process of deducting; subtraction. | Deduction |
| relying on someone or something else for aid, support, etc. | Dependent |
| a plan in which salaries or other payments are transferred by the paying agency directly to the accounts of the recipients. | Direct Deposit |
| income from wages, salaries, fees, or the like, accruing from labor or services performed by the earner. | Earned Income |
| a person working for another person or a business firm for pay. | Employee |
| a person or thing that makes use of or occupies someone or something: an inadequate employer of one's time | Employer |
| circumstances of a taxpayer, as age or number of dependents, that allow him or her to make certain deductions from taxable income. | Exemptions |
| a tax levied on incomes, especially an annual government tax on personal incomes. | Federal Income Tax |
| Federal Insurance Contributions Act: U.S. government legislation under which taxes are levied for the support of Social Security. | FICA |
| Accounting. total revenue received before any deductions or allowances, as for rent, cost of goods sold, taxes, etc. | Gross Income |
| the monetary payment received for goods or services, or from other sources, as rents or investments. | Income |
| An employee's earnings that are subject to a U.S. payroll tax known as the "Medicare | Medicare Tax |
| the excess of revenues and gains of a business over expenses and losses during a given period of time. | Net Income |
| the tax levied on both employers and employees used to fund the Social Security program. Social Security tax is usually collected in the form of payroll tax or self-employment tax. | Social Security Tax |
| a standard tax form showing the total wages paid to an employee and the taxes withheld during the calendar year: prepared by an employer for each employee. | W-2 Form |
| A form completed by an employee to indicate his or her tax situation (exemptions, status, etc.) to the employer. The W-4 form tells the employer the correct amount of tax to withhold from an employee's paycheck. | W-4 Form |
| to hold back; restrain or check | Withholding |
Created by:
Mcarr
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