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Income and Taxes

TermDefinition
BiWeekly A periodical that appears every two weeks or twice a week.
Dependent A person who relies on another, especially a family member, for financial support.
Direct Deposit The electronic transfer of a payment directly from the account of the payer to the recipient's account.
Earned Income Money derived from paid work.
Employee A person employed for wages or salary, especially at a nonexecutive level.
Employer A person or organization that employs people.
Exemptions The process of exempting a person from paying taxes on a specified amount of income for themselves and their dependents.
FICA The "Federal Insurance Contributions Act" is a U.S. law requiring a deduction from paychecks and income that goes toward the Social Security program and Medicare.
Fringe Benefits An extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance, etc.
Gross Income An individual's total personal income before taking taxes or deductions into account.
Hourly Wage The rate an employer agrees to pay an employee per. hour worked.
Income Tax Tax levied by a government directly on income, especially an annual tax on personal income.
Medicare Tax The tax deducted from the wages of every legally working American that is used to pay for the Medicare program.
Net Income An entity's income minus cost of goods sold, expenses and taxes for an accounting period.
Overtime Pay The time and one-half of the employee's regular rate of pay.
Profit Sharing A system in which the people who work for a company receive a direct share of the profits.
Salary 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, especial a professional or white-collar worker.
Sales Commissions A fee paid to the broker or other financial agent for a negotiating sale. The fee is based on a percentage of the sale price.
Social Security Tax The tax levied on both employers and employees used to fund the Social Security program.
Tax Deduction The reduction of the income subject to tax, for various items, especially expenses incurred to produce income.
Tips Extra amount of income given with a certain service provided, usually based around 15%.
W-2 Form This form reports an employee's annual wages and the amount of taxes withheld from his or her paycheck.
W-4 Form This form tells the employer the correct amount of tax to withhold from an employee's paycheck.
Withholding Allowance Employee-claimed exemptions on the tax form employers use to determine how much of an employee's pay to subtract from his or her own paycheck to remit to the tax authorities.
Federal Income Tax A tax levied by the United States Internal Revenue Service (IRL) on the annual earnings of individuals, corporations, trusts and other legal entities.
Created by: bdilorenzo15