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Income and Taxes
| Question | Answer |
|---|---|
| An event that occurs either twice weekly or once every two weeks | BiWeekly |
| Requiring someone or something for financial, emotional, or other support. | Dependent |
| The electronic transfer of a payment directly from the account of the payer to the recipient's account. | Direct Deposit |
| A refundable tax credit for low- to moderate-income working individuals and couples, particularly those with children. | Earned Income |
| A person employed for wages or salary, especially at nonexecutive level | Employee |
| A person or organization that employs people | Employer |
| The process of exempting a person from paying taxes on a specified amount of income for themselves and their dependents | 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) is a United States federal payroll (or employment) tax imposed on both employees and employers | Federal Insurance Contributions Act (FICA) |
| A form of pay for the performance of services | Fringe Benefits |
| The starting point for determining Federal and state income tax of individuals, corporations, estates and trusts, whether resident or nonresident | Gross Income |
| A rate an employer agrees to pay a worker per hour worked | Hourly Wage |
| Tax levied by a government directly on income, especially an annual tax on personal income | Income Tax |
| Tax deducted from the wages of every legally working American that is used to pay for the Medicare program provided to individuals over the age of 65. | Medicare Tax |
| An entity's income minus cost of goods sold, expenses and taxes for an accounting period. | Net Income |
| Incentive plans introduced by businesses that provide direct or indirect payments to employees that depend on company's profitability in addition to employees' regular salary and bonuses | Profit Sharing |
| A fixed regular payment, typically paid on a monthly or biweekly basis but often expressed as an annual sum, made by an employer to an employee, especially a professional or white-collar worker. | Salary |
| Is meant to motivate sales persons to sell more. A commission may be paid in addition to a salary or instead of a salary | Sales Commissions |
| Tax imposed on both employees and employers to fund Social Security and federal programs that provide benefits for retirees, the disabled, and children of deceased workers. | Social Security Tax |
| A reduction of income that is able to be taxed, and is commonly a result of expenses, particularly those incurred to produce additional income. | Tax Deduction |
| Extra money given to an employee by the people being serviced. | Tips |
| A standard tax form showing the total wages paid to an employee and the taxes withheld during the calendar year | W2 Form |
| Completed by an employee to indicate their tax situation and it tells the employer the correct amount of tax to be withheld from an employee's paycheck | W4 Form |
| Employee-claimed exemptions on the tax form to determine how much of an employee's pay to subtract from his or her paycheck to remit to the tax | Withholding Allowance |
Created by:
Klahnen
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