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income and taxes

TermDefinition
biweekly appearing or taking place every two weeks or twice a week
dependent a person who relies on another, especially a family member, for financial 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 Federal Insurance Contributions Act (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,
fringe benefits an extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance, etc
gross income Gross income is the starting point for determining Federal and state income tax of individuals, corporations, estates and trusts, whether resident or nonresident.
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 You must withhold Social Security and Medicare taxes--these are known as FICA (Federal Insurance Contributions Act) taxes. The FICA tax actually consists of two taxes: a 6.2 percent Social Security tax and a 1.45 percent Medicare tax
net income net income (net earnings, net profit, and informally, bottom line) is an entity's income minus cost of goods sold, expenses and taxes for an accounting period
overtime pay when and to the extent that they actually work more than 40 hours in a work week. FLSA overtime pay is time and one-half of the employee's regular rate of pay.
profit sharing a system in which the people who work for a company receive a direct share of the profits.
salary a system in which the people who work for a company receive a direct share of the profits.
sales commissions Some sales organizations pay a straight commission, meaning the salesperson's only income comes from sales commission. Others pay commission on top of a base salary or wage. The intent of commission is motivate the salesperson to sell more
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. The Social Security tax pays for the retirement and disability benefits re
tax deduction A 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 a sum of money given to someone as a reward for their services
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: atimmerman16