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Income and Taxes

QuestionAnswer
An event that occurs either twice weekly or once every two weeks BiWeekly
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
A refundable tax credit for low- to moderate-income working individuals and couples, particularly those with children. Earned Income
A person employed for wages or salary, especially at nonexecutive level Employee
A person or organization that employs people Employer
The process of exempting a person from paying taxes on a specified amount of income for themselves and their dependents Exemptions
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
Federal Insurance Contributions Act (FICA) is a United States federal payroll (or employment) tax imposed on both employees and employers Federal Insurance Contributions Act (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
Tax levied by a government directly on income, especially an annual tax on personal income Income 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. Medicare Tax
An entity's income minus cost of goods sold, expenses and taxes for an accounting period. Net Income
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
Is meant to motivate sales persons to sell more. A commission may be paid in addition to a salary or instead of a salary Sales Commissions
Tax imposed on both employees and employers to fund Social Security and federal programs that provide benefits for retirees, the 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 their tax situation and it tells the employer the correct amount of tax to be withheld 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 Withholding Allowance
Created by: Klahnen