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Income Taxes Vocab

QuestionAnswer
esp. within a set of regulations or for a specified purpose. Allowance
instead reinvested in the core business or used to pay off debt Accumulated Earnings
paid entirely or partially with commissions from sales one has made or for work onehas done Commisions
1.The action of deducting or subtracting something. Deductions
A person who relies on another Dependent
The electronic transfer of a payment directly from the account of the payer to the recipient's account. Direct Deoposite
Money derived from paid work 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
An individual's total personal income before taking taxes or deductions into account. 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. Income
The Federal government has set forth that employers must make deductions from employees’ paychecks for Social Security and Medicare... Medicare Tax
An individual's total personal income AFTER taking taxes or deductions into account 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
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
portion of an employee's wages or salary withheld by the employer as partial payment of the employee's income tax Withholding
Created by: neonbriqht14
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