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Income and Taxes

TermDefinition
BiWeekly 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 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 Tax 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 (FICA) 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 For a company, gross income equates to gross margin, which is sales minus the cost of goods sold
Hourly Wage A rate an employer agrees to pay a worker per hour worked, such as $12 per hour or $17.50 per hour. The “average” or “mean” is an estimated hourly rate calculated using the varying hourly rates of a group of workers in a specific occupation.
Income Tax Tax levied by a government directly on income, especially an annual tax on personal income
Medicare Tax One component of the FICA tax, This payroll tax is withheld from employees' payroll checks and is also matched by the employer. The employee and the employer each pay the Medicare tax of 1.45% of all wages and salaries.
Net Income An individual's income after taking taxes and deductions into account
Overtime Pay Overtime Pay is the cash compensation for the hours eligible employees work in excess of 40 hours in a workweek
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 A sales commission is additional compensation the employee receives for exceeding expectations. Employers pay employees a sales commission to incentivize the employees to produce more sales and to reward and recognize people who perform most productively
Social Security Tax A Social Security tax is 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 Tax deduction 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 is the 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 Form W-4 (otherwise known as the "Employee's Withholding Allowance Certificate") 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 '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: tleroyparker18