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Income and Taxes
| Question | Answer |
|---|---|
| BiWeekly | appearing or taking place every two weeks or twice a week |
| Dependent | requiring someone or something for financial, emotional, or other support |
| Direct Deposit | the electronic transfer of a payment directly from the account of the payer to the recipient's account |
| Earned Income | money derived from paid work. |
| Employee | a person employed for wages or salary, especially at nonexecutive level |
| Employer | a person or organization that employs people. |
| Exemptions | the process of exempting a person from paying taxes on a specified amount of income for themselves and their dependents |
| Federal Income Tax | levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts and other legal entities |
| FICA | Federal Insurance Contributions Act ; the federal law that requires you to withhold three separate taxes from the wages you pay your employees |
| Fringe Benefits | an extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance, etc |
| Gross Income | An individual's total personal income, before accounting for taxes or deductions |
| Hourly Wage | a rate an employer agrees to pay a worker per hour worked |
| Income Tax | a tax imposed on individuals or entities (taxpayers) that varies with the income or profits (taxable income) of the taxpayer |
| Medicare Tax | A tax deducted from employees' paychecks that goes to pay for medical benefits for people over 65 years of age |
| Net Income | is calculated by taking revenues and subtracting the costs of doing business such as depreciation, interest, taxes and other expenses |
| Overtime Pay | time and one-half of the employee's regular rate of pay |
| 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 | additional compensation the employee receives for exceeding expectations |
| Social Security Tax | is usually collected in the form of payroll tax or self-employment tax |
| Tax Deduction | a reduction of income that is able to be taxed, and is commonly a result of expenses, particularly those incurred to produce additional income |
| Tips | Money you earn for doing a good job at work |
| W2 From | the form that an employer must send to an employee and the Internal Revenue Service (IRS) at the end of the year |
| W4 Form | an Employee's Withholding Allowance Certificate, to indicate his tax situation to the employer |
| 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:
acomo18
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