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Income & Taxes
| Question | Answer |
|---|---|
| a reduction from a list price or stated price | Allowance |
| Earnings not paid out as dividends but instead reinvested in the core business | Accumulated Earnings |
| 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 |
| the government's Medicare program, which provides subsidized healthcare and hospital insurance benefits to retirees and the disable | Medicare Tax |
| An individual's total personal income before taking taxes or deductions into account | Gross Income |
| relying on another for support | Dependent |
| a method of payment in which money is transferred to the payee's account without the use of checks or cash | Direct Deposit |
| one employed by another usually for wages or salary and in a position below the executive level | Employee |
| An amount of an employee's income that an employer sends directly to the federal, state, or local tax authority as partial payment of that individual's tax liability for the year | witholding |
| In business, what remains after subtracting all the costs (namely, business, depreciation, interest, and taxes) from a company's revenues | net-income |
| Federal tax levied equally on employers and employees, used to pay for Social Security programs | social security tax |
| The federal law which requires employers to withhold a portion of employee wages and pay them to the government trust fund which provides retirement benefits | FICA |
| A tax form prepared by an employer and given to an employee to be filed with his/her 1040 form, listing wages earned during that year, federal and state taxes withheld, and Social Security tax information | w-2 form |
| A tax form prepared by an employee for an employer indicating the employee's exemptions and Social Security number, and enabling the employer to determine the amount of taxes to be withheld for the employee | w-4 form |
| The amount,if any,that a company contributes to its employees' retirement accounts, typically in proportion to each employee's contribution | employer |
| A tax exemption that applies to taxpayers who sell their personal residence and realize a capital gain | exemptions |
| An expense subtracted from adjusted gross income when calculating taxable income, such as for state and local taxes paid, charitable gifts, and certain types of interest payments | deduction |
| A fee charged by a broker or agent for his/her service in facilitating a transaction, such as the buying or selling of securities or real estate | commissions |
| Compensation from participation in a business, including wages, salary, tips, commissions and bonuses | earned income |
Created by:
tawilliams
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