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income and taxes
| Question | Answer |
|---|---|
| what does this definition describe? Appearing or taking place every two weeks or twice a week. | BiWeekly |
| Requiring someone or something for financial, emotional, or other support is called being? | Dependent |
| what does this definition mean? Electronic transfer of a payment directly from the account of the payer to the recipient's account. | Direct Deposit |
| what is the money you receive from paid work called? | Earned income |
| A person employed for wages or salary, especially at non executive level is called an? | Employee |
| what is the person or organization that hire people called? | Employer |
| The process of exempting a person from paying taxes on a specified amount of income for themselves and their dependents. Is called what? | Exemptions |
| The money you have to pay levied by the IRS is called? it is based on employment earnings or capital gains. | Federal income Tax |
| what is the federal law that requires you to withhold three separate taxes from the wages you pay your employees called? | FICA (abbreviation and definition) |
| what is an extra benefit supplementing an employees salary called? this benefit can for example be a company car, meals, health insurance etc. | Fringe Benefits |
| what do you call an individuals total personal income, before accounting for taxes? | Gross income |
| This term describes a rate an employer agrees to pay a worker per hour. What is this term? | Hourly Wage |
| Tax levied by a government directly income, especially an annual tax on personal income, is called what? | Income Tax |
| what does this definition describe? A tax deducted from employees paychecks that goes to pay for medical benefits for people over 65 years of age. | Medicare Tax |
| a company's total earning is called? | Net income |
| The money you get payed for working beyond your scheduled working hours is called? | Overtime Pay |
| A system in which the people who work for a company receive a direct share of the profits. What does this definition describe? | Profit sharing |
| What do you call the money you get paid on a monthly or a biweekly basis? | Salary |
| The money you can earn extra when you produce more sales etc. is called? | Sales Commissions |
| what type of tax do you pay when the tax is levied on both employers and employees used to fun the social security program? | Social Security Tax |
| The reduction of income that is able to be taxed, and is a commonly a result of expenses is called? | Tax Decution |
| The sum of money given to someone as a reward for their services is called? | Tips |
| What form does an employer have to send to an employee and the Internal Revenue Service (IRS) at the end of the year? | W2 From |
| what kind of form must be completed by an employee to indicate the tax situation to the employer. | W4 Form |
| The more allowances you claim, the less income tax will be withheld from your paycheck. | Withholding Allowance |
Created by:
jeik17
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