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Income and Taxes

TermDefinition
Biweekly 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 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.
Exemptions the process of freeing or state of being free from an obligation or liability imposed on others.
Federal Income Taxes a tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts, and other legal entities.
FICA a U.S. law that creates a payroll tax requiring a deduction from the paychecks of employees as well as a contribution from employers.
Fringe Benefits an extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance, etc.
Gross Income represents the amount of money a person earns in one year from all sources before taxes
Hourly Wage a rate an employer agrees to pay a worker per hour worked, such as $12 per hour or $17.50 per hour.
Income Tax tax levied by a government directly on income, especially an annual tax on personal income.
Medicare Tax is used to fund the government's Medicare program, which provides subsidized healthcare and hospital insurance benefits to retirees and the disabled.
Net Income an individual's income after taking taxes and deductions into account.
Overtime Pay is time and one-half of the employee's regular rate of pay.
Profit Sharing refers to various incentive plans introduced by businesses that provide direct or indirect payments to employees that depend on company's profitability in addition to employees' regular salary and bonuses
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 a fee paid based on a percentage of the sale made by an employee or agent, as distinguished from regular payments of wages or salary
Social Security any government system that provides monetary assistance to people with an inadequate or no income.
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 money given to a waiter or waitress for doing a good job surving food
W2 Forms the form that an employer must send to an employee and the Internal Revenue Service (IRS) at the end of the year.
W4 Forms tells 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
With holding 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
Created by: kfrost18