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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 electron transport 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 non executive level
Employer A person or organization that employs people
Exemptions The process of freeing or state of being free from an obligation or liability imposed on others
Federal Income Tax A tax levied by the United States Internal Revenue Service on the annual earnings of individuals, corporations, trusts, and other legal entities
FICA A U.S. 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 The starting point for determining Federal and state income tax of individuals, corporations, estates, and trusts
Hourly Wage A rate of an employer agrees to pay a worker per hour worked
Income Tax Tax levied by a government directly on income
Medicare Tax Consists of two taxes: A 6:2 percent Social Security tax and a 1.45 percent Medicare tax
Net Income An entity's income minus cost of goods sold, expenses and taxes for an accounting period
Overtime pay The time and one-half of the employee's regular pay
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
Sales Commissions A fee paid to a broker for negotiating a sale
Social Security Tax The tax levied on both employers and employees used to fund the Social Security program
Tax Deduction From gross income that arises due to various types of expenses incurred by a taxpayer
Tips A sum of money given to someone as a reward for their services
W2 Form The form that an employer must send to an employee and the IRS at the end of the year
W4 Form A form completed by an employee to indicate his or 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 or her's paycheck to remit to the tax authorities
Created by: droehner19