a periodical that appears every two weeks or twice a week.

a person who relies on another, especially a family member, for financial support.

the electronic transfer of a payment directly from the account of the payer to the recipient's account.

a person employed for wages or salary, especially at nonexecutive level.

a person or organization that employs people.

the process of exempting a person from paying taxes on a specified amount of income for themselves and their dependents.

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.

The Federal Insurance Contributions Act is a U.S. law that creates a payroll tax requiring a deduction from the paychecks of employees as well as a contribution from employers.

an extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance, etc.

It is the starting point for determining the taxes that individual will pay. Sources of gross income or pay include salary,

a rate an employer agrees to pay a worker per hour worked,

tax levied by a government directly on income, especially an annual tax on personal income.

the Medicare tax is used to fund the government's Medicare program, which provides subsidized healthcare and hospital insurance benefits to retirees and the disabled.

an individuals income after taking taxes and deductions into account

overtime pay is time and one-half of the employee's regular rate of pay.

a system in which the people who work for a company receive a direct share of the profits.

a fixed regular payment, typically paid on a monthly or biweekly basis

is additional compensation the employee receives for exceeding expectations.

is the tax levied on both employers and employees to fund the Social Security program.

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.

money given to a waiter or waitress for doing a good job serving food

The W-2 form reports an employee's annual wages and the amount of taxes withheld from his or her paycheck.

is an 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

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

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Income and Taxes

Question	Answer
BiWeekly	a periodical that appears 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 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 exempting a person from paying taxes on a specified amount of income for themselves and their dependents.
Federal Income Taxes	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	The Federal Insurance Contributions Act is 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	It is the starting point for determining the taxes that individual will pay. Sources of gross income or pay include salary,
Hourly Wage	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	the 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 individuals income after taking taxes and deductions into account
Overtime Pay	overtime pay is 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
Sales Commissions	is additional compensation the employee receives for exceeding expectations.
Social Security Tax	is the tax levied on both employers and employees to fund the Social Security program.
Tax Deductions	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	money given to a waiter or waitress for doing a good job serving food
W2 Form	The W-2 form reports an employee's annual wages and the amount of taxes withheld from his or her paycheck.
W4 form	is an 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	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: jscheffer18

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