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CFM #1 Income/Taxes
Income/Taxes
| Question | Answer |
|---|---|
| BiWeekly | Appearing or taking place every two weeks or twice a week. |
| Dependent | A family member who is both eligible for coverage under the FEHB Program and either a dependent as defined in section 152 of the Internal Revenue Code or a child as defined in section 152 (f) (1) of the Internal Revenue Code who is under age 27 as of the |
| Direct Deposit | A deposit of money by a payer directly into a payee's bank account |
| Earned Income | The taxable income earned from paid employment, business ownership, or from disability payments |
| Empolyee | A person employed for wages or salary, especially at nonexecutive level |
| Empolyer | A person or organization that employs people. |
| Exemptions | A deduction allowed by law to reduce the amount of income that would otherwise be taxed. |
| Federal Income Tax | A marginal income tax collected by the Internal Revenue Service (IRS) on most types of personal and business income. The federal income tax consists of six marginal tax brackets, ranging from a minimum of 10% to a maximum of 39.6%. |
| FICA | A combination of a 6.2% Social Security tax and a 1.45% Medicare tax the IRS imposes on employee earnings. |
| Fringe Benefits | An extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance, etc. |
| Gross Income | The sum of all wages, salaries, profits, interest payments, rents, and other forms of earnings, before any deductions or taxes. It is opposed to net income, defined as the gross income minus taxes and other deductions |
| Hourly Wages | The amount you make in an hour/s for your job |
| Income Tax | Tax rate you would pay on one more dollar of taxable income. |
| Medicare Tax | Employee earnings that are subject to a U.S. payroll tax |
| Net Income | An entity's income minus cost of goods sold, expenses, depreciation and amortization, interest, and taxes for an accounting period |
| Overtime Pay | The amount of time someone works beyond normal working hours and gets payed for it |
| Profit Sharing | A system in which the people who work for a company receive a direct share of the profits |
| Salary | A form of payment from an employer to an employee, which may be specified in an employment contract. |
| Sales Commission | A form of variable-pay remuneration for services rendered or products sold |
| Social Security Tax | The commonly used term for the federal Old-Age, Survivors, and Disability Insurance program and is administered by the Social Security Administration |
| 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 | A sum of money given to someone as a reward for their services. |
| W2 Form | The document an employer is required to send to each employee and to the Internal Revenue Service (IRS) at the end of the year |
| W4 Form | An Internal Revenue Service (IRS) tax form that is filled out by employees to indicate their tax situation to their employer |
| Withholding | An income tax to be paid to the government by the payer of the income rather than by the recipient of the income |
Created by:
kprocknal21
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