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income and taxes

appearing or taking place every two weeks or twice a week biweekly
a person who relies on another, especially a family member, for financial support. dependent
the electronic transfer of a payment directly from the account of the payer to the recipient's account direct deposit
money derived from paid work earned income
a person employed for wages or salary, especially at non-executive level employee
a person or organization that employs people employer
the process of exempting a person from paying taxes on a specified amount of income for themselves and their dependents exemptions
a tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts, and other legal entities federal income tax
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. FICA
an extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance, etc fringe benefits
sales minus the cost of goods sold. ... For a wage earner gross income
a rate an employer agrees to pay a worker per hour worked hourly wage
tax levied by a government directly on income, especially an annual tax on personal income income tax
This payroll tax is withheld from employees' payroll checks and is also matched by the employer medicare tax
an individual's income after taking taxes and deductions into account. net income
hours worked over 40 in a workweek at a rate not less than time and one-half their regular rates of pay overtime pay
a system in which the people who work for a company receive a direct share of the profits profit sharing
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 salary
additional compensation the employee receives for exceeding expectations sales commisions
the tax levied on both employers and employees to fund the Social Security program social security tax
a reduction of income that is able to be taxed and is commonly a result of expenses tax deduction
a customer giving money to an employee for doing a good job tips
the form that an employer must send to an employee and the Internal Revenue Service (IRS) at the end of the year W2 form
ells the employer the correct amount of tax to withhold from an employee's paycheck based on the employee's marital status W4 form
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 withholding allowance
Created by: tgates19