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Income and Taxes
| Term | Definition |
|---|---|
| BiWeekly | Appearing or taking place every two weeks or twice a week |
| Dependent | Requiring someone or something for financial, emotional, or other support |
| Direct Deposit | The electron transport of a payment directly from the account of the payer to the recipient's account |
| Earned Income | Money derived from paid work |
| Employee | A person employed for wages or salary, especially at non executive level |
| Employer | A person or organization that employs people |
| Exemptions | The process of freeing or state of being free from an obligation or liability imposed on others |
| Federal Income Tax | A tax levied by the United States Internal Revenue Service on the annual earnings of individuals, corporations, trusts, and other legal entities |
| FICA | A U.S. federal payroll tax imposed on both employees and employers to fund Social Security and Medicare |
| Fringe Benefits | An extra benefit supplementing an employee's salary |
| Gross Income | The starting point for determining Federal and state income tax of individuals, corporations, estates, and trusts |
| Hourly Wage | A rate of an employer agrees to pay a worker per hour worked |
| Income Tax | Tax levied by a government directly on income |
| Medicare Tax | Consists of two taxes: A 6:2 percent Social Security tax and a 1.45 percent Medicare tax |
| Net Income | An entity's income minus cost of goods sold, expenses and taxes for an accounting period |
| Overtime pay | The time and one-half of the employee's regular pay |
| Profit Sharing | A system in which the people who work for a company receive a direct share of the profits |
| Salary | A fixed regular payment, typically paid on a monthly or biweekly basis |
| Sales Commissions | A fee paid to a broker for negotiating a sale |
| Social Security Tax | The tax levied on both employers and employees used to fund the Social Security program |
| Tax Deduction | From gross income that arises due to various types of expenses incurred by a taxpayer |
| Tips | A sum of money given to someone as a reward for their services |
| W2 Form | The form that an employer must send to an employee and the IRS at the end of the year |
| W4 Form | A form completed by an employee to indicate his or her tax situation |
| Withholding Allowance | Employee-claimed exemptions on the tax form employers use to determine how much of an employee's pay to subtract from his or her's paycheck to remit to the tax authorities |
Created by:
droehner19
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