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Income and Taxes

QuestionAnswer
BiWeekly occurring every two weeks
Dependent a child, spouse, parent, or certain other relative to whom one contributes all or a major amount of necessary financial support
Direct Deposit a plan in which salaries or other payments are transferred by the paying agency directly to the accounts of the recipients
Earned Income income from wages, salaries, fees, or the like, accruing from labor or services performed by the earner
Employee a person working for another person or a business firm for pay
Employer a person or thing that makes use of or occupies someone or something
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 law that requires you to withhold three separate taxes from the wages you pay your employees
Fringe Benefits a form of pay for the performance of services
Gross Income 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
Income Tax tax levied by a government directly on income, especially an annual tax on personal income
Medicare Tax Tax deducted from the wages of every legally working American that is used to pay for the Medicare program provided to individuals over the age of 65
Net Income is an entity's income minus cost of goods sold, expenses and taxes for an accounting period
Overtime Pay Additional financial compensation for any hours worked by nonexempt staff over the amount of forty hours per week
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 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 any government system that provides monetary assistance to people with an inadequate or no income
Tax Deduction a deduction from gross income that arises due to various types of expenses incurred by a taxpayer. Tax deductions are removed from taxable income (adjusted gross income) and thus lower the overall tax-expense liability
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
W4 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
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: Hreiman16