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Income and taxes
| Question | Answer |
|---|---|
| BiWeekly | Taking place every two weeks |
| Dependent | Requiring someone or something for financial support |
| Direct deposit | The electronic transfer of a payment directly from the account of the payer to the recipients account |
| Earned income | Money derived from paid work |
| Employee | A person employed for wages or salary |
| 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 |
| FICA | Federal payroll tax imposed on both employees and employers to fund Social security and Medicare |
| Fringe Benefits | An extra benefit supplementing an employee's salary |
| Gross Income | Starting point for determining federal and state income tax of individuals, corporations, estates and trusts |
| 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 |
| Medicare Tax | It applies only to earned income which is wages you are paid by an employer |
| Net Income | An entity's income minus cost of goods sold, expenses and taxes for an accounting period |
| Overtime pay | Extra pay for working more than 40 hours in a workweek |
| Profit sharing | Various incentive plans introduced by businesses that provide direct or indirect payments to employees that depend on company's profitability |
| Federal tax income | A tax levied by the U.S. IRS on the annual earnings of individuals |
| Salary | A fixed regular payment |
| Sales commissions | Sum of money paid to an employee upon completion of a task |
| Social security tax | Pays for the retirement and disability benefits |
| Tax deduction | Able to be deducted from taxable income when calculating income tax due |
| Tips | A sum of money given to someone as a reward for their services |
| W2 form | Total wages paid to an employee and the taxes withheld during the calendar year |
| W4 form | Completed by an employee to indicate his/her tax situation |
| Withholding allowance | Employee claimed exemptions on the tax form employers use to determine how much of an employee's pay to subtract from his/her paycheck |
Created by:
Ndawley19
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