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Income and Taxes

appearing or taking place every two weeks or twice a week. Biweekly
requiring someone or something for financial, emotional, or other support. Dependent
the electronic transfer of a payment directly from the account of the payer to the recipient's account. Direct Deposit
money derived from paid work. Earned Income
a person employed for wages or salary, especially at nonexecutive level. Employee
a person or organization that employs people Employer
the process of exempting a person from paying taxes on a specified amount of income for themselves and their dependents. Exemptions
a tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts and other legal entities Federal Income Tax
The Federal Insurance Contributions Act (FICA) is a U.S. law that creates a payroll tax requiring a deduction from the paychecks of employees as well as a contribution from employers FICA
an extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance Fringe Benefits
An individual's total personal income, before accounting for taxes or deductions Gross Income
A tax deducted from employees' paychecks that goes to pay for medical benefits for people over 65 years of age. Medicare tax is paid by both employee and employer. Medicare Tax
the residual amount of earnings after all expenses have been deducted from sales Net Income
hours worked over 40 in a workweek at a rate not less than time and one-half their regular rates of pay Overtime Pay
a system in which the people who work for a company receive a direct share of the profits. Profit Sharing
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 Salary
additional compensation the employee receives for exceeding expectations Sales Commissions
the tax levied on both employers and employees used to fund the Social Security program Social Security Tax
a reduction of income that is able to be taxed, and is commonly a result of expenses, particularly those incurred to produce additional income Tax Deduction
a sum of money given to someone as a reward for their services. Tips
the form that an employer must send to an employee and the Internal Revenue Service (IRS) at the end of the year W2 Form
tells the employer the correct amount of tax to withhold from an employee's paycheck based on the employee's marital status, number of exemptions and dependents and other factors W4 Form
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 Withholding Allowance
Created by: bjones1346