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income and taxes
| Question | Answer |
|---|---|
| the tax allowance for married couples | Allowance |
| Earnings not paid out as dividends but instead reinvested in the core business or used to pay off debt Read more: http://www.investorwords.com/71/accumulated_earnings.html#ixzz2HOIyWCXE | Accumulated Earnings |
| the act of committing or giving in charge. | Commissions |
| something that is or may be deducted: She took deductions for a home office and other business expenses from her taxes. | Deduction |
| relying on someone or something else for aid, support, etc. | Dependent |
| 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 Read more: http://www.investopedia.com/terms/d/directdeposit.asp#ixzz2HOLKJULB | Direct Deposit |
| Income derived from active participation in a trade or business, including wages, salary, tips, commissions and bonuses. This is the opposite of unearned income. Read more: http://www.investopedia.com/terms/e/earnedincome.asp#ixzz2HOLffMf0 | Earned Income |
| a person working for another person or a business firm for pay. | Employee |
| a person or business that employs one or more people, especially for wages or salary: | Employer |
| tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts and other legal entities. Federal income taxes are applied on all forms of earnings that make up a taxpayer's taxable income, such a | Federal Income Tax |
| Federal Insurance Contributions Act: U.S. government legislation under which taxes are levied for the support of Social Security. | FICA |
| An individual's total personal income before taking taxes or deductions Read more: http://www.investopedia.com/terms/g/grossincome.asp#ixzz2HONyyH7w | Gross Income |
| monetary payment received for goods or services, or from other sources, as rents or investments. | 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 Read more: http://www.investorwords.com/8641/Medicare_tax.html#ixzz2HOPzQi94 | Medicare Tax |
| A company's total earnings (or profit). Net income is calculated by taking revenues and adjusting for the cost of doing business, depreciation, interest, taxes and other expenses Read more: http://www.investopedia.com/terms/n/netincome.asp#ixzz2HZzxbwC | Net Income |
| The tax levied on both employers and employees used to fund the Social Security program Read more: http://www.investopedia.com/terms/s/social-security-tax.asp#ixzz2Ha0Wex98 | Social Security Tax |
| The form that an employer must send to an employee and the IRS at the end of the year Read more: http://www.investopedia.com/terms/w/w2form.asp#ixzz2Ha0nSd00 | W-2 Form |
| completed by an employee to indicate his or her tax situation (exemptions, status, etc.) to the employer Read more: http://www.investopedia.com/terms/w/w4form.asp#ixzz2Ha1AU0Fi | 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. Also called withholding tax | Withholding |
Created by:
cgoodwin
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