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income and taxes

QuestionAnswer
biweekly appearing or taking place every two weeks or twice a week.
dependent a person who relies on another, especially a family member, for financial 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 freeing or state of being free from an obligation or liability imposed on others
federal income tax A federal income tax is a tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts and other legal entities.
FICA FICA is an acronym for "Federal Insurance Contributions Act." FICA tax is the money that is taken out of workers' paychecks to pay older Americans their Social Security retirement and Medicare (Hospital Insurance) benefits
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 tax levied by a government directly on income, especially an annual tax on personal income
medicare tax A tax deducted from employees' paychecks that goes to pay for medical benefits for people over 65 years of age
net income company's total earnings (or profit);
overtime pay overtime pay is 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 A sales commission is additional compensation the employee receives for exceeding expectations.
social security tax A Social Security tax is the tax levied on both employers and employees used to fund the Social Security program
Created by: Ctaylor0118