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Income and taxes
| Question | Answer |
|---|---|
| BiWeekly | done, produced, or occurring every two weeks or twice a week. |
| Dependent | anyone who relies on you financially for things like money |
| Direct deposit | fully automated method of handling transactions |
| Earned income | all the taxable income and wages you get from working or from certain disability payments. |
| Employee | a person employed for wages or salary, especially at nonexecutive level. |
| Employer | a person or organization that employs people. |
| Exemptions | deduction allowed by law that reduces the amount of income that is subject to income tax. |
| Federal income tax | levied by the Internal Revenue Service (IRS) on the annual earnings of individuals and other legal entities. Federal income taxes are applied to all forms of earnings that make up a taxpayer's taxable income. |
| FICA | FICA is a U.S. federal payroll tax. It stands for the Federal Insurance Contributions Act and is deducted from each paycheck |
| Fringe benefits | an extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance, etc. |
| Gross income | Amount of pay earned before taxes |
| Hourly wage | pay that a person earns based on a set hourly rate. |
| Income tax | a type of tax that governments impose on income generated by businesses and individuals within their jurisdiction. |
| Medicare tax | deduction from each paycheck to pay for Medicare Part A, which provides hospital insurance to seniors and people with disabilities. |
| Net income | Amount of pay earned before taxes |
| Overtime pay | calculation of hours worked by a worker that exceed those hours defined for a standard workweek. |
| Profit sharing | gives employees a share in their company's profits based on its quarterly or annual earnings. |
| Salary | fixed regular payment, typically paid on a monthly or biweekly basis |
| Sales commissions | the amount of compensation paid to a person based on the amount of sales generated |
| Social security tax | the tax levied on both employers and employees to fund the Social Security program |
| Tax deduction | deduction that lowers a person's or an organization's tax liability by lowering their taxable income |
| Tips | a sum of money customarily given by a client or customer to certain service sector workers for the service they have performed |
| W2 Form | form shows the amount of taxes withheld from your paycheck for the year and is used to file your federal and state taxes. |
| W4 Form | As employer tells you the employee's filing status,amount of credits,income, deductions, and any additional amount to withhold from each paycheck to use to compute the amount of federal income tax to deduct and withhold from the employee's pay. |
| Withholding | the portion of an employee's wages that is not included in their paycheck but is instead remitted directly to the federal |
Created by:
Cvoigt22
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