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Unit 1 Nik D. 1st Period
Terms in this set (20)
Federal Income Tax
A tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts and other legal entities.
State Income Tax
Tax levied on income at the state level.
Federal Insurance Contributions Act (FICA) tax is a United States federal payroll (or employment) tax imposed on both employees and employers to fund Social Security and Medicare
Offset as an expense against taxable income.
Money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt
Occurring once every year
An amount of money lost by a business or organization
A financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something
Articles for sale or use, often those produced for later consumption, as opposed to services
Supply and Demand
The amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price
A person, company, or country that makes, grows, or supplies goods or commodities for sale
A person who purchases goods and services for personal use
Confine oneself to providing a particular product or service
A person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so
An economic system in which private business operates in competition and largely free of state control.
A thing that is worth buying because it may be profitable or useful in the future
Money received, especially on a regular basis, for work or through investments
provide funding for a person or enterprise
An estimate of income and expenditure for a set period of time
require the payment of a specified sum of money before it can be acquired or done: