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Income Taxes

appearing or taking place eveAnswer
requiring someone or something for financial, emotional, or other support. Dependent
the electronic transfer of a payment directly from the account of the payer to the recipient's account. Direct Deposit
money derived from paid work. Earned Income
a person employed for wages or salary, especially at nonexecutive level. synonyms: Employee
a person or organization that employs people. synonyms: Employer
the process of exempting a person from paying taxes on a specified amount of income for themselves and their dependents. Exemption
A tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts and other legal entities. Federal Income Tax
The Federal Insurance Contributions Act-the federal law that requires you to withhold three separate taxes from the wages you pay your employees FICA
a form of pay for the performance of services Fringe Benefits
the starting point for determining Federal and state income tax of individuals, corporations, estates and trusts, whether resident or nonresident Gross Income
a rate an employer agrees to pay a worker per hour worked Hourly Wage
a government ltax imposed on individuals or entities (taxpayers) that varies with the income or profits (taxable income) of the taxpayer Income Tax
earned income, which is wages you are paid by an employer, plus tips Medicare Tax
an entity's income minus cost of goods sold, expenses and taxes for an accounting period. Net Income
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 Overtime Pay
efers 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 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 employee, especially a professional or white-collar worker Salary
paid in addition to a salary or instead of a salary. Percentage of the sales price of an item. Sales Commissions
Federal payroll tax imposed on both employees and employers to fund benefits for retirees, disabled, and children of deceased workers. Social Security Tax
a reduction of income that is able to be taxed, and is commonly a result of expenses, particularly those incurred to produce additional income. Tax Deduction
Extra money given to an employee by the people being serviced Tips
a standard tax form showing the total wages paid to an employee and the taxes withheld during the calendar year W2 Form
completed by an employee to indicate her tax situation+tells the employer the correct amount of tax to withhold from an employee's paycheck. W4 Form
Employee-claimed exemptions on the tax form to determine how much of an employee's pay to subtract from his or her paycheck to remit to the tax authorities. Withholding Allowance
Created by: Tommo22