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income and taxes

TermDefinition
BiWeekly appearing or taking place every two weeks or twice a week
Dependent a person who relies on another, especially a family member, for financial support
Direct Deposit the electronic transfer of of a payment directly from the account of the payer to the recipients account
Earned Income money derived from paid work
Employee a person employed for wages or salary, especially at non-executive level
Employer a person or organization that employs people
Exemptions the process of exempting a person from paying taxes on a specified amount of income for themselves and their dependents
Federal Income Tax a tax levied by the United States Internal Revenue Service
FICA Federal Insurance Contributions Act is an act that takes money out of peoples checks to fund social security and medicare
Fringe Benefits an extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance, etc.
Gross Income the amount of money someone earns without taxes or other deductions being taken out
Hourly Wage the rate an employer agrees to pay a worker per hour worked
Income tax tax levied by a government directly on income, especially an annual tax on personal income
Medicare Tax a tax deducted from employee's paycheck that goes to pay for medical benefits for people over 65 years of age
Net Income refers to an individual's income after taking taxes and deductions into account
Overtime Pay Overtime pay is the amount of overtime paid to each employee in a pay period. Overtime pay is calculated: Hourly pay rate x 1.5 x overtime hours worked.
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 a tax levied on both employers and employees to fund the Social Security program.
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 a sum of money given to someone as a reward for their services.
W2 Form a form that an employer must send to an employee and the Internal Revenue Service (IRS) at the end of the year
W4 Form a form that 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
Withholding Allowance Employee-claimed exemptions on the 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: sseneca19