Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
income and taxes
| Question | Answer | |
|---|---|---|
| A tax imposed by the federal government | Accumulated Earnings | |
| A service charge assessed by a broker or investment advisor in return for providing investment advice and/or handling the purchase or sale of a security. | Commissions | |
| Any item or expenditure subtracted from gross income to reduce the amount of income subject to tax. | Deduction | |
| An individual whom a taxpayer can claim for credits and/or exemptions | Dependent | |
| Electronic funds that are deposited directly into your bank account rather than through a paper check | Direct Deposit | |
| Income derived from active participation in a trade or business, including wages, salary, tips, commissions and bonuses. | 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 | |
| the 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 by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts and other legal entities. | 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. | Gross Income | |
| the monetary payment received for goods or services, or from other sources, as rents or investments. | Income | |
| a U.S. government program of hospitalization insurance and voluntary medical insurance for persons aged 65 and over and for certain disabled persons under 65. Compare Medicaid. | 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 | 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 collect (taxes) at the source of income. | Withholding | |
| a premium or discount to the standards outlined in the futures agreement | Allowance |
Created by:
rspell
Popular Finance sets