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Income or Taxes
| Question | Answer |
|---|---|
| An allowance an individual claims on a W-4 Form | Allowance |
| Definition of 'Accumulated Earnings Tax' A tax imposed by the federal government upon companies with retained earnings | Accumulated Earnings |
| Most major, full-service brokerages derive most of their profits from charging commissions on client transactions | 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. A dependent is an individual, such as a qualifying child, whom a taxpayer can claim on his or her federal and some state income tax returns | Dependent |
| The electronic transfer of a payment directly from the account of the payer to the recipient's account. | Direct Deposit |
| 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 |
| A deduction allowed by law to reduce the amount of income that would otherwise be taxed | 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 | FICA |
| An individual's total personal income before taking taxes or deductions into account. | Gross Income |
| refer to a company's remaining revenues after all expenses and taxes have been paid. In this case, it is also known as "earnings". | Income |
| An employee's earnings that are subject to a US payroll tax known as the "Medicare tax." | Medicare Tax |
| is calculated by taking revenues and adjusting for the cost of doing business, depreciation, interest, taxes and other expenses | Net Income |
| is usually collected in the form of payroll tax or self-employment tax. | Social Security Tax |
| The form that an employer must send to an employee and the IRS at the end of the year. | W-2 Form |
| A W-4 is a form that individuals complete for withholding purpose | W-4 Form |
| Withholding reduces the amount of tax employees must pay when they submit their annual tax returns | Withholding |
Created by:
doyoung1
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