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Income and Taxes

QuestionAnswer
Biweekly Income taxes are withheld according to that frequency.
Dependent A dependent is someone other than the taxpayer or spouse who qualifies to be claimed by someone else on a tax return.
Direct Deposit Allows your employer to make deposits straight into your bank account instead of giving you a paper check to deposit yourself.
Earned Income All income from employment, but only if it is includable in gross income.
Employee A person employed for wages or salary, especially at nonexecutive level.
Employer A person or organization that employs people.
Exemptions Reduces the amount of income that is subject to income tax.
Federal Income Tax A tax on annual earnings for individuals, businesses, and other legal entities.
FICA FICA stands for Federal Insurance Contributions Act and is deducted from each paycheck.
Fringe Benefits Expenses directly related to an employee's salaries and wages.
Gross Income All the money you earn before taxes and other deductions are subtracted.
Hourly Wage A rate paid per hour of work.
Income Tax A tax levied on the wages, salaries, dividends, interest, and other income a person earns throughout the year.
Medicare Tax A percentage of gross wages that all employees, employers and self-employed workers must pay to fund Medicare.
Net Income The money you may have available after taxes and deductions are taken out of your paycheck.
Overtime Pay Any hours worked by an employee that exceed their normally scheduled working hours.
Profit Sharing A retirement plan that allows an employer or company owner to share the profits in the business, up to 25 percent of the company's payroll, with the firm's employees.
Salary A fixed amount that is paid to an employee at regular intervals, irrespective of the hours or amount of work performed.
Sales Commissions The amount of compensation paid to a person based on the amount of sales generated.
Social Security Tax A percentage of gross wages that most employees, employers and self-employed workers must pay to fund the federal program.
Tax Deduction An expense that can be subtracted from a taxpayer's gross income in order to reduce the amount of income that is subject to taxation.
Tips A sum of money given to someone as a reward for their services.
W2 Form Contains important information that you need to complete your tax return.
W4 Form An IRS form that you complete to let your employer know how much money to withhold from your paycheck for federal taxes.
Withholding The portion of an employee's wages that is not included in their paycheck but is instead remitted directly to the federal, state, or local tax authorities.
Created by: Dwhite23
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