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Income and Taxes
Question | Answer |
---|---|
Done, produced or occurring every two weeks or twice a week. | Biweekly |
Contingent on or determined by | Dependent |
the electronic transfer of a payment directly from the account of the payer to the recipient's account. | Direct deposit |
all income from employment, but only if it is includable in gross income. | 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 |
Income taxes in the United States are imposed by the federal government, and most states. | Federal Income Tax |
Federal Insurance Contributions Act Tax- The Federal Insurance Contributions Act is 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, for example, a company car, subsidized meals, health insurance, etc | Fringe Benefits |
gross income is the sum of all wages, salaries, profits, interest payments, rents, and other forms of earnings, before any deductions or taxes | Gross income |
pay that a person earns based on a set hourly rate. | Hourly wage |
tax levied by a government directly on income, especially an annual tax on personal income | Income tax |
a federal employment tax that funds a portion of the Medicare insurance program | Medicare tax |
net income is an entity's income minus cost of goods sold, expenses, depreciation and amortization, interest, and taxes for an accounting period | Net income |
Overtime is the amount of time someone works beyond normal working hours. The term is also used for the pay received for this time | Overtime pay |
a system in which the people who work for a company receive a direct share of the profits | 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. | Salary |
the amount of compensation paid to a person based on the amount of sales generated. | Sales commission |
the tax levied on both employers and employees to fund the Social Security program | Social security tax |
a deduction that lowers a person's or an organization's tax liability by lowering their taxable income | Tax deduction |
a sum of money given to someone as a reward for their services | Tips |
Form W-2 is an Internal Revenue Service tax form used in the United States to report wages paid to employees and the taxes withheld from them. | W2 form |
Form W-4 is an Internal Revenue Service tax form completed by an employee in the United States to indicate his or her tax situation to the employer. | W4 form |
the amount of federal income tax withheld from your paycheck | Withholding |