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income taxes
| Term | Definition |
|---|---|
| BiWeekly | appearing to take place every two weeks |
| Dependent | a person who relies on another, especially a family member for financial support |
| Direct Deposit | the electronic transfer of a payment directly from the account of the player to the recipients account |
| Earned income | income from investments rather than from work |
| Employee | a person employed for wages or salary, especially at nonexecutive level |
| Employer | a person or organization that employs people |
| Exemptions | the process of exempting a person from paying taxes on a specified amount of income fir themselves and their dependents |
| Federal Income Tax | a tax levied by the Untied States IRS on the annual earnings of individuals, corporations, trusts, and other legal entities |
| FICA | a payroll tax requiring a deduction from the paycheck of employees as well as a contribution from employers |
| Fringe Benefits | an extra benefit supplementing an employees salary, for example, a company car, subsidized meals, health insurance, etc. |
| Gross Income | the amount of salary or wages paid to the individual by an employer, before any deductions are taken |
| Hourly Wage | describes a rate an employer agrees to pay a worker per hour worked |
| Income Tax | tax levied by a government directly on income, especially an annual tax on personal income |
| Medicare Tax | Medicare tax is used to fund the government's Medicare program, which provides subsidized healthcare and hospital insurance benefits to retirees and the disabled |
| Net Income | an individual's income after taking taxes and deductions into account. |
| Overtime Pay | overtime pay if, when and to the extent that they actually work more than 40 hours in a work week. FLSA overtime pay is time and one-half of the employee's regular rate of pay |
| Profit Sharing | various 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 |
| Salary | 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 |
| Sales Commissions | additional compensation the employee receives for exceeding expectations |
| Social Security Tax | the tax levied on both employers and employees to fund the Social Security program. Social Security tax is usually collected in the form of payroll tax or self-employment tax |
| Tax Deduction | a reduction of income that is able to be taxed and is commonly a result of expenses, particularly those incurred to produce additional income |
| Tips | Money given to a waiter or waitress for doing a good job serving food |
| W2 Form | he form that an employer must send to an employee and the Internal Revenue Service (IRS) at the end of the year. The W-2 form reports an employee's annual wages and the amount of taxes withheld from his or her paycheck |
| W4 Form | n Internal Revenue Service (IRS) tax form completed by an employee in the United States to indicate his or her tax situation (exemptions, status, etc.) to the employer |
| 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 paycheck to remit to the tax authorities |
Created by:
sromanik18
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