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Income and Taxes

"Appearing or taking place every two weeks or twice a week" defines? BiWeekly
"Requiring someone or something for financial, emotional, or other support" defines what? Dependent
What does "the electronic transfer of a payment directly from the account of the payer to the recipient's account" define? Direct Deposit
What does "money derived from paid work" define? Earned Income
"A person employed for wages or salary" defines what? Employee
What does "a person or organization that hires people" define? Employer
What does "the process of exempting a person from paying taxes on a specified amount of income for themselves and their dependents" define? Exemptions
What does "a tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts and other legal entities" define? Federal Income Tax
What does FICA stand for and do? The Federal Insurance Contributions Act;a U.S. law that creates a payroll tax requiring a deduction from the paychecks of employees as well as a contribution from employers.
What does "an extra benefit supplementing an employee's salary i.e a company car, health insurance, ect" define? Fringe Benefits
What does "An individual's total personal income, before accounting for taxes or deductions" define? Gross Income
What does " a rate an employer agrees to pay a worker per hour worked" define? Hourly Wage
What does "a tax levied by a government directly on income, especially an annual tax on personal income" define? Income Tax
What does "A tax deducted from employees' paychecks that goes to pay for medical benefits for people over 65 years of age" define? Medicare Tax
What does "a company's or individuals total earnings after depreciation, interest, taxes and other expenses are deducted" defines? Net Income
What does " hours worked over 40 in a workweek at a rate not less than time and one-half their regular rates of pay" refer to? Overtime Pay
What does "a system in which the people who work for a company receive a direct share of the profits" refer to? Profit Sharing
What does "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" refer to? Salary
What does "an additional compensation the employee receives for exceeding expectations" refer to? Sales Commissions
What does " the tax levied on both employers and employees that pays for the retirement and disability benefits received by millions of Americans each year" refer to? Social Security Tax
What does "a reduction of income that is able to be taxed, and is commonly a result of expenses, particularly those incurred to produce additional income" refer to? Tax Deduction
What does "a sum of money given to someone as a reward for their services" refer to? Tips
What does " form that an employer must send to an employee and the Internal Revenue Service (IRS) at the end of the year that reports an employee's annual wages and the amount of taxes withheld from his or her paycheck" refer to? W2 Form
What does "a form telling an employer the correct amount of tax to withhold from an employee's paycheck based on the employee's marital status, number of exemptions and dependents and other factors" refer to? W4 Form
What does "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" refer to? Withholding Allowance
What is the 1040 form? Form 1040 is the standard Internal Revenue Service (IRS) form that individuals use to file their annual income tax returns.
What is the 1040EZ and how does it differ from the 1040 form? IRS Tax Form 1040EZ is the shortest federal individual income tax form. It is designed for taxpayers whose filing status is “single” or “married filing jointly” with no dependents. The 1040EZ is less complex than Tax Form 1040 and Tax Form
Created by: lgrover18