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income taxes

TermDefinition
BiWeekly appearing to take place every two weeks
Dependent a person who relies on another, especially a family member for financial support
Direct Deposit the electronic transfer of a payment directly from the account of the player to the recipients account
Earned income income from investments rather than from 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 exempting a person from paying taxes on a specified amount of income fir themselves and their dependents
Federal Income Tax a tax levied by the Untied States IRS on the annual earnings of individuals, corporations, trusts, and other legal entities
FICA a payroll tax requiring a deduction from the paycheck of employees as well as a contribution from employers
Fringe Benefits an extra benefit supplementing an employees salary, for example, a company car, subsidized meals, health insurance, etc.
Gross Income the amount of salary or wages paid to the individual by an employer, before any deductions are taken
Hourly Wage describes a 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 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 overtime pay if, when and to the extent that they actually work more than 40 hours in a work week. FLSA overtime pay is time and one-half of the employee's regular rate of pay
Profit Sharing 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 Commissions additional compensation the employee receives for exceeding expectations
Social Security Tax the tax levied on both employers and employees to fund the Social Security program. Social Security tax is usually collected in the form of payroll tax or self-employment tax
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 serving food
W2 Form he form that an employer must send to an employee and the Internal Revenue Service (IRS) at the end of the year. The W-2 form reports an employee's annual wages and the amount of taxes withheld from his or her paycheck
W4 Form n Internal Revenue Service (IRS) tax form completed by an employee in the United States to indicate his or her tax situation (exemptions, status, etc.) to the employer
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: sromanik18