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income and taxes

finance

TermDefinition
biweekly occurring every two weeks
dependent relying on someone or something else for aid, support, etc.
direct deposit a plan in which salaries or other payments are transferred by the paying agency directly to the accounts of the recipients.
earned income income from wages, salaries, fees, or the like, accruing from labor or services performed by the earner.
employee a person working for another person or a business firm for pay.
employer a person or business that employs one or more people, especially for wages or salary:
exemptions the circumstances of a taxpayer, as age or number of dependents, that allow him or her to make certain deductions from taxable income.
FICA Federal Insurance Contributions Act: U.S. government legislation under which taxes are levied for the support of Social Security.
fridge benefits keep things cold
gross income Accounting. total revenue received before any deductions or allowances, as for rent, cost of goods sold, taxes, etc.
income tax a tax levied on incomes, especially an annual government tax on personal incomes.
net income the excess of revenues and gains of a business over expenses and losses during a given period of time.
profit sharing the sharing of profits, as between employer and employee, especially in such a way that the employee receives, in addition to wages, a share in the profits of the business.
salary a fixed compensation periodically paid to a person for regular work or services.
tax deduction an expenditure that is deducted from taxable income.
tips extra money received for doing a good job
w2 form a standard tax form showing the total wages paid to an employee and the taxes withheld during the calendar year: prepared by an employer for each employee.
Created by: bobsagiT1