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Income and Taxes

TermDefinition
Bi Weekly 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 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.
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 Contribution Act
Fringe Benefits The Federal Insurance Contributions Act (FICA) is the federal law that requires you to withhold three separate taxes from the wages you pay your employees.
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.
Hourly Wage he term “hourly wage” describes a rate an employer agrees to pay a worker per hour worked,
Income Tax An income tax is a government levy (tax) imposed on individuals or entities (taxpayers) that varies with the income or profits (taxable income) of the taxpayer.
Medicare Tax Tax deducted from the wages of every legally working American that is used to pay for the Medicare program
Net Income 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 Unless exempt, employees covered by the Act must receive overtime pay for hours worked over 40 in a workweek at a rate not less than time and one-half their regular rates of pay.
Profit Sharing profit sharing refers to various incentive plans introduced by businesses that provide direct or indirect payments to employees that depend on company's profitability in addition to employees' regular salary and bonuses.
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 amount of money that an individual receives based on the level of sales he or she has obtained
Social Security Tax The tax levied on both employers and employees used to fund the Social Security program.
Tax Deduction Tax deduction is a reduction of income that is able to be taxed, and is commonly a result of expenses, particularly those incurred to produce additional income.
Tips A gratuity (also called a tip) is a sum of money customarily tendered, in addition to the basic price, to certain service sector workers for a service performed or anticipated.
W2 Form The form that an employer must send to an employee and the Internal Revenue Service (IRS) at the end of the year.
W4 Form A form completed by an employee to indicate his or her tax situation (exemptions, status, etc.) to the employer.
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.
Created by: Elynch16