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Income and Taxes

TermDefinition
Bi Weekly 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 income derived from active participation in a trade or business, including wages, salary, tips, commissions and bonuses.
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 levied by the IRS on the annual earnings of individuals, corporations, trusts and other legal entities. Federal income taxes are applied on all forms of earnings that make up a taxpayer's taxable income, such as employment earnings or capital gains.
FICA Federal Insurance Contributions Act tax is a United States federal payroll tax imposed on both employees and employers to fund federal programs that provide benefits for retirees, the disabled, and children of deceased workers.
Fringe Benefits 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 regular payment, usually on an hourly, daily, or weekly basis, made by an employer to an employee, especially for manual or unskilled work.
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. Medicare tax is paid by both employee and employer.
Net Income Net Income is a company's total earnings, is calculated by taking revenues and subtracting the costs of doing business such as depreciation, interest, taxes and other expenses.
Overtime Pay Additional financial compensation for any hours worked by nonexempt staff over the amount of forty hours per week.
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 Commission additional compensation the employee receives for exceeding expectations.
Social Security Tax the tax levied on both employers and employees used to fund the Social Security program. The Social Security tax pays for the retirement and disability benefits.
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 a service professional earns that is not part of a regular wage.
W2 Form is the form that an employer must send to an employee and the Internal Revenue Service (IRS) at the end of the year. The W-2 form reports an employee's annual wages and the amount of taxes withheld from his or her paycheck.
W4 Form to indicate his tax situation to the employer. ... A change in status can result in the employer withholding more or less tax.
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: Makhdar17