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Income and taxes

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