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income and taxes
| Term | Definition |
|---|---|
| bi weekly | periodical that appears 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 | 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 |
| expemption | the process of freeing or state of being free from an obligation or liability imposed on others. |
| federal incom 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 (FICA) is a United States federal payroll tax imposed on both employees and employers to fund Social Security and Medicare—federal programs |
| 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. 2. A company's revenue minus cost of goods sold. Also called gross profit and, when it is expressed as a percentage of revenue, gross margin. |
| hourly wage | an estimated hourly rate calculated using the varying hourly rates of a group of workers in a specific occupation. |
| income tax | tax levied by a government directly on income, especially an annual tax on personal income. |
| medicare tax | Investment & Finance Definition |
| net income | is the residual amount of earnings after all expenses have been deducted from sales. |
| overtime pay | s 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 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 | Social Security tax is usually collected in the form of payroll tax or self-employment tax. |
| tax deduction | is 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 sum of money given to someone as a reward for their services. |
| w2 form | he W-2 form reports an employee's annual wages and the amount of taxes withheld from his or her paycheck. |
| w4 form | ells the employer the correct amount of tax to withhold from an employee's paycheck based on the employee's marital status, number of exemptions and dependents and other factors. |
| withholdiong allowance | 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. |
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eagle-eye stevens
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