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Income and Taxes

TermDefinition
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 non executive 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 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 (Federal Insurance Contributions Act) tax imposed on both employees and employers to fund Social Security and Medicare
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, such as $12 per hour or $17.50 per hour.
Income Tax tax levied by a government directly on income, especially an annual tax on personal income.
Medicare Tax The Medicare payroll tax is 2.9%. It applies only to earned income, which is wages you are paid by an employer, plus tips.
Net Income is an entity's income minus cost of goods sold, expenses and taxes for an accounting period.
Overtime Pay for hours worked over 40 in a workweek at a rate not less than time and one-half their regular rates 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 The current tax rate for social security is 6.2% for the employer and 6.2% for the employee, or 12.4% total.
Tax Deduction The current tax rate for social security is 6.2% for the employer and 6.2% for the employee, or 12.4% total.
Tips a sum of money given to someone as a reward for their services
W2 Form form that an employer must send to an employee and the Internal Revenue Service (IRS) at the end of the year.
W4 Form or 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: cprosneick17