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Income and Taxes

QuestionAnswer
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