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Income and taxes

QuestionAnswer
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