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Income and Taxes

TermDefinition
BiWeekly appearing or taking place 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 non-executive 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 is a United States federal payroll (or employment) 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 a form of pay for the performance of services
Gross Income Your gross income is how much you make before taxes. It is the figure people are looking for when they ask how much you gross a month.
Hourly Wage describes a rate an employer agrees to pay a worker per hour worked
Income Tax tax levied by a government directly on income, especially an annual tax on personal income.
Medicare Tax Tax deducted from the wages of every legally working American that is used to pay for the Medicare program provided to individuals over the age of 65.
Net Income An individual's income after deductions, credits and taxes are factored into gross income. Deductions and credits are subtracted from gross income to arrive at taxable income, which is used to calculate income tax.
Overtime Pay the additional amounts paid to hourly employees who work more than 40 hours in a workweek.
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 amount of money that an individual receives based on the level of sales he or she has obtained. The sales person is provided a certain amount of money in addition to his/her standard salary based on the amount of sales obtained.
Social Security Tax The amount taken from a contributor's earnings covers support for retired workers, those on disability, and individuals who are entitled to survivorship benefits, which provide financial support for individuals of a deceased family member who was the prim
Tax Deduction An expense, such as a charitable contribution, that can be deducted from one's taxable income.
Tips Information on a security, company, or anything else provided by one investor or trader to another that is not available to the general public, that can produce significant profits if it proves to be accurate.
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.
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: moconnor16