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Income and taxes
| Question | Answer |
|---|---|
| Being payed every two weeks | Bi Weekly |
| A person that you support financially. (lives in your house) | Dependant |
| Money that is automatically sent to your bank account | Direct Deposit |
| All taxable income | Earned Income |
| A person that works for you | Employee |
| A person that owns a business/ hires employees | Employer |
| the process of exempting a person from paying taxes on a specified amount of income for themselves and their dependents | Exemptions |
| A tax based upon a persons income bracket | Federal Income Tax |
| Federal Insurance Contributions Act: Makes employers withhold a social security tax, medicare tax, and medicare surtax | FICA |
| Forms of payment for work other than money: work vehicle | Fringe Benefits |
| All income from whatever source | Gross Income |
| The amount you earn per hour | Hourly Wage |
| A tax on the money that you make | Income Tax |
| A flat tax on earned income that pays for medicare | Medicare Tax |
| An entity's income minus cost of goods sold, expenses and taxes for an accounting period. | Net Income |
| Additional money earned after working 40 hours in a week. At least tome and a half. | Overtime Pay |
| A portioned of profits that is divided among employees | Profit Sharing |
| An amount of money that is predetermined as pay for a period of time. Doesn't increase for working over 40 hours a week. | Salary |
| A portion of your sales that is given back to you | Sales Commision |
| Tax that goes towards funding the social security fund. | Social Security Tax |
| An amount of your taxes that you don't have to pay based upon your dependents and other deductions | Tax Deduction |
| Extra money given to someone after a purchase to increase that persons take home cash | Tips |
| 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 | W2 Form |
| A form completed by an employee to indicate his or her tax situation (exemptions, status, etc.) to the employer. The W-4 form tells the employer the correct amount of tax to withhold from an employee's paycheck | W4 Form |
| 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. | Withholding Allowance |
Created by:
Tcole16
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