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Income and Taxes

TermDefinition
Biweekly appearing or taking place every two weeks or twice a week
Dependent is a person who relies on another as a primary source of income
Direct Deposit the electronic transfer of a payment directly from the account of the payer to the recipient's account
Earned Income is a refundable tax credit for low- to moderate-income working individuals and couples, particularly those with children
Employee a person employed for wages or salary, especially at nonexecutive level
Employer 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 (abbreviation and definition) Federal Insurance Contributions Act-is a United States federal payroll (or employment) tax imposed on both employees and employers to fund Social Security and Medicare
Fringe Benefits a form of pay for the performance of services
Gross Income the starting point for determining Federal and state income tax of individuals, corporations, estates and trusts, whether resident or nonresident.
Hourly Wage 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
Net Income 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 a system in which the people who work for a company receive a direct share of the profits
Salary 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 A commission is generally a percentage of the sales price of an item
Social Security Tax The tax levied on both employers and employees used to fund the Social Security program. Social Security tax is usually collected in the form of payroll tax or self-employment tax
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 To receive money for your service
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. The W-4 form tells the employer the correct amount of tax to withhold from an employee's paycheck
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: jpearl16