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Income and Taxes

TermDefinition
BiWeekly Appearing or taking place every two weeks or twice a week
Dependent Contingent on or determined by
Direct Deposit The electronic transfer of a payment directly from the account of the payer to the recipients account
Earned Income money derived from paid work
Employee a person employed for wages or salary, especially at nonexecutive level
Exemptions Monetary exemption which reduces taxable income
Federal Income Taxes DEFINITION of 'Federal Income Tax' A tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts and other legal entities.
FICA Federal Insurance Contributions Act tax is a United States federal payroll tax imposed on both employees and employers to fund Social Security and Medicare federal programs that provide benefits for retirees, the disabled, and children of deceased workers
Fringe Benefits an extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance, etc.
Gross Income Gross income is the starting point for determining Federal and state income tax of individuals, corporations, estates and trusts, whether resident or nonresident. "Except as otherwise provided" by law, Gross income means "all income from whatever source,"
Hourly Wage The term “hourly wage” describes a rate an employer agrees to pay a worker per hour worked, such as $12 per hour or $17.50 per hour.
Income Tax tax levied by a government directly on income, especially an annual tax on personal income.
Medicare Tax For example the medicare tax was 1.45% of wages in 2011 and other employment compensation. The employer would contribute a matching 1.45%, for a total Medicare tax of 2.9%.
Net Income In business, net income (net earnings, net profit, and informally, bottom line) is an entity's income minus cost of goods sold, expenses and taxes for an accounting period.
Overtime Pay Nonexempt employees may be paid by means of a salary. Salaried nonexempt employees are still entitled to FLSA overtime pay if, when and to the extent that they actually work more than 40 hours in a work week. FLSA overtime pay is time and one-half of the
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, especially a professional or white-collar worker.
Sales Commissions The commission is meant to motivate sales persons to sell more. A commission may be paid in addition to a salary or instead of a salary. A common place that commissions are paid are in real estate marketing. A commission is generally a percentage of the s
Social Security Tax any government system that provides monetary assistance to people with an inadequate or no income.
Tax Deduction DEFINITION of 'Tax Deduction' A deduction from gross income that arises due to various types of expenses incurred by a taxpayer. Tax deductions are removed from taxable income (adjusted gross income) and thus lower the overall tax-expense liability.
Tips a sum of money given to someone as a reward for their services.
W2 Form a standard tax form showing the total wages paid to an employee and the taxes withheld during the calendar year: prepared by an employer for each employee. Also called W-2 form.
W4 Form DEFINITION of 'W-4 Form' A form completed by an employee to indicate his or her tax situation (exemptions, status, etc.) to the employer. The W-4 form tells the employer the correct amount of tax to withhold from an employee's paycheck.
Withhoolding Allowance DEFINITION of '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 paycheck to remit to the tax authorities. The more allowances you claim, the less income
employer a person or organization that employs people.
Created by: cwilliams17