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Income and Taxes

TermDefinition
BiWeekly Something that occurs once every two weeks
Dependent Requiring someone or something 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 exempting a person from paying taxes on a specified amount of income for themselves and their dependents
Federal Income Tax A tax service levied by the IRS on the annual earnings of individuals, trusts, and other legal enteties
FICA (Federal Insurance Contributions Act) Tax money that is taken out of workers' paychecks to pay older Americans their Social Security retirement and Medicare (Hospital Insurance)
Fringe Benefits an extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance
Gross income Money earned before taxes
Hourly wage Describes the rate that an employee is paid per hour they worked
Income tax Tax levied by a government directly on income, especially an annual tax on personal income
Medicare Tax A tax deducted from an employees that goes towards medical benefits
Net income Income after taxes
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
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
Tax Deduction A tax deduction is a reduction in tax obligation from a taxpayer's gross income
Tips a sum of money given to someone as a reward for their services
W2 Forms The W-2 form is the form that an employer must send to an employee and the Internal Revenue Service (IRS) at the end of the year
W4 Forms It is used by your employer to withhold the proper amount of federal income tax from your paycheck
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: bturner17