Busy. Please wait.
or

show password
Forgot Password?

Don't have an account?  Sign up 
or

Username is available taken
show password

why


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
We do not share your email address with others. It is only used to allow you to reset your password. For details read our Privacy Policy and Terms of Service.


Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.

Remove ads
Don't know
Know
remaining cards
Save
0:01
To flip the current card, click it or press the Spacebar key.  To move the current card to one of the three colored boxes, click on the box.  You may also press the UP ARROW key to move the card to the "Know" box, the DOWN ARROW key to move the card to the "Don't know" box, or the RIGHT ARROW key to move the card to the Remaining box.  You may also click on the card displayed in any of the three boxes to bring that card back to the center.

Pass complete!

"Know" box contains:
Time elapsed:
Retries:
restart all cards




share
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Income and Taxes

QuestionAnswer
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