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income and taxes

QuestionAnswer
A periodical produced twice a month or every two months BiMonthly
The authority to perform a task or certain duties 2. Commissions
A person who relies on another, esp. a family member, for financial support 3. Dependent
The electronic transfer of a payment directly from the account of the payer to the recipient's account. 4. Direct Deposit
Money derived from paid work 5. Earned Income
A person employed for wages or salary, esp. a nonexecutive. 6. Employee
A person or organization that employs people 7. Employer
1.The process of freeing or state of being free from an obligation or liability imposed on others. 8. Exemptions
An income tax is a tax levied on the income of individuals or businesses (corporations or other legal entities). Various income tax... 9. Federal Income Tax
Federal Insurance Contributions Act. 10. FICA (abbreviation and definition)
An extra benefit supplementing an employee's salary 11. Fringe Benefits
A salary is a form of periodic payment from an employer to an employee, which may be specified in an employment contract. It is contrast 12. Gross Income
A wage is a compensation, usually financial, received by workers in exchange for their labor.. 13. Hourly Wage
Tax levied directly on personal income 14. Income Tax
The Federal government has set forth that employers must make deductions from employees’ paychecks for Social Security and Medicare... 15. Medicare Tax
the excess of revenues over outlays in a given period of time (including depreciation and other non-cash expenses). 16. Net Income
Overtime is the amount of time someone works beyond normal working hours. Normal hours may be determined in several ways: *by custom... 17. Overtime Pay
a system in which employees receive a share of the net profits of the business. 18. 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 19. Salary
The Federal Insurance Contributions Act (FICA) tax is a United States payroll (or employment) tax imposed by the federal government on... 20. Social Security Tax
tax write-off: a reduction in the gross amount on which a tax is calculated; reduces taxes by the percentage fixed for the taxpayer' 21. Tax Deduction
A sum of money given to someone as a way of rewarding them for their services 22. Tips
IRS tax forms are used by taxpayers and tax-exempt organizations to report financial information to the Internal Revenue Service 23. W2 Form
Employee's Withholding Allowance Certificate. Required by Federal law to be on file with the Payroll Office before any... 24. W4 Form
Reduces the amount of wages subject to federal income tax withholding based on exemptions and deductions claimed on federal income tax 25. Withholding Allowance
Created by: spangburn
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