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income and taxes
finance
Term | Definition |
---|---|
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. |