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income and taxes

QuestionAnswer
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