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Income and Taxes

TermDefinition
Biweekly appearing or taking place every two weeks or twice a week.
Dependent requiring someone or something for financial, emotional, or other support.
Direct Deposit the electronic transfer of a payment directly from the account of the payer to the recipient's account.
Earned Income money derived from paid work.
Employee a person employed for wages or salary, especially at nonexecutive level.
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.
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 tax /ˈfaɪkə/ is a United States federal payroll (or employment) tax imposed on both employees and employers to fund Social Security and Medicare—federal programs that provide benefits for retirees, the disabled, and children of deceased workers.
Fringe Benefits an extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance.
Gross Income the starting point for determining Federal and state income tax of individuals, corporations, estates and trusts, whether resident or nonresident.
Hourly Wage The term “hourly wage” describes a rate an employer agrees to pay a worker per hour worked, such as $12 per hour or $17.50 per hour.
Income Tax tax levied by a government directly on income, especially an annual tax on personal income.
Medicare Tax A tax deducted from employees’ paychecks that goes to pay for medical benefits for people over 65 years of age.
Net Income A company's total earnings (or profit). Net income is calculated by taking revenues and adjusting for the cost of doing business, depreciation, interest, taxes and other expenses.
Overtime Pay is the amount of overtime paid to each employee in a pay period.
Profit Sharing a system in which the people who work for a company receive a direct share of the profits.
Salary 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.
Sales Commissions a group appointed pursuant to law to conduct certain government business, especially regulation.
Social Security Tax A federal program designed to provide benefits to employees and their dependents through income for retirement, disability, and other purposes. The social security program is funded through a federal tax levied on employers and employees equally.
Tax Deduction an expenditure which an income tax payer may subtract from gross (total) income to determine taxable income.
Tips a sum of money given to someone as a reward for their services.
W2 Form a standard tax form showing the total wages paid to an employee and the taxes withheld during the calendar year: prepared by an employer for each employee.
W4 Form A form completed by an employee to indicate his or her tax situation (exemptions, status, etc.) to the employer.
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: Otallchief16