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income and taxes

TermDefinition
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.