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Income and Taxes
| Question | Answer |
|---|---|
| Occurring every two weeks or twice a week | Biweekly |
| Requiring someone or something for financial support | Dependent |
| The electronic transfer of a payment directly from the account of the payer to the recipient's account | Direct Deposit |
| Money derived from payed work | Earned Income |
| A person employed for wages or salary | Employee |
| A person or organization that employs people | Employer |
| The process of exempting a person from paying taxes on specified amount of income for themselves and their dependents | Exemptions |
| Federal Insurance Contributions Act, a United States federal payroll contribution directed towards both employees and employers to fund Social Security and Medicare | FICA |
| An extra benefit supplementing an employee's salary | Fringe Benefits |
| Tax levied by a government directly on income | Income Tax |
| Tax on income and is imposed by the U.S. federal government | Federal Income Tax |
| The individuals total pay from his or her before taxes or other deductions | Gross Income |
| Payroll tax that applies to all earned income and supports your health coverage when you become eligible for Medicare | Medicare Tax |
| Rate an employer agrees to pay a worker per hour worked | Hourly Wage |
| Sales minus cost of goods sold, general expenses, taxes, and interest | Net income |
| The amount of time someone works beyond normal working hours while getting payed | Overtime pay |
| A system which the people who work for a company receive a direct share of the profits | Profit Sharing |
| A fixed regular payment | Salary |
| A fee paid based on a percentage of the sale made by and employee or agent, as distinguished from regular payments of wages or salary | Sales Commission |
| Tax levied on both employers and employees to fund the social security program | Social Security Tax |
| Deduction that lowers a person's tax liability by lowering their taxable income | Tax Deduction |
| A sum of money given someone as a reward for their services | Tips |
| An employee's annual wages and the amount of taxes withheld from their paycheck | W2 Form |
| Internal Revenue Service (IRS) tax form that is filled out by employees to indicate their tax situation to their employer | W4 Form |
| An employer deducts tax from an employee's paycheck and sends it directly to the government | Withholding |
Created by:
Rherling22
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