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Income And Taxes

QuestionAnswer
Allowance allowance is an amount of money set aside for a designated purpose. Money given without taxes is often referred to as an allowance.
Earnings not paid out as dividends but instead reinvested in the core business or used to pay off debt. 2. Accumulated Earnings
The authority to perform a task or certain duties 3. Commissions
2.An amount that is or may be deducted from something, esp. from taxable income or tax to be paid. 4. Deduction
whose value depends on that of another. 5. Dependent
The electronic transfer of a payment directly from the account of the payer to the recipient's account. 6. Direct Deposit
Money derived from paid work. 7. Earned Income
A person employed for wages or salary, esp. a nonexecutive. 8. Employee
A person or organization that employs people. 9. Employer
2.The process of exempting a person from paying taxes on a specified amount of income for themselves and their dependents. 10. Exemptions
An income tax is a tax levied on the income of individuals or businesses (corporations or other legal entities). Various income tax... 11. Federal Income Tax
The federal law which requires employers to withhold a portion of employee wages and pay them to the government trust fund which provides 12. FICA
Gross income in United States tax law is receipts and gains from all sources less cost of goods sold. Gross income is the starting point 13. Gross Income
Money received, esp. on a regular basis, for work or through investments 14. Income
The Federal government has set forth that employers must make deductions from employees’ paychecks for Social Security and Medicare... 15. Medicare Tax
the excess of revenues over outlays in a given period of time (including depreciation and other non-cash expenses). 16. Net Income
The Federal Insurance Contributions Act (FICA) tax is a United States payroll (or employment) tax imposed by the federal government on... 17. Social Security Tax
Wage and Tax Statement. The form used to report wages, tips, other compensation, withheld income and social security taxes,... 18. W-2 Form
IRS tax forms are used by taxpayers and tax-exempt organizations to report financial information to the Internal Revenue Service (IRS)... 19. W-4 Form
1.Refuse to give (something that is due to or is desired by another 1.Refuse to give (something that is due to or is desired by another 1.Refuse to give (something that is due to or is desired by another to 20. Withholding
Created by: pork&beas
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