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income and taxes

QuestionAnswer
bi weekly every two weeks
dependent someone or something relying on help
direct deposit a electronic transferring payment into a persons bank account
earned income money deprived from paid work
employee person employed fr wages and salary
employer someone who hires other people
exemptions stopping someone from paying taxes with a certain amount of income for them or there dependents
federal income tax tax taken by the state on annual earnings for individuals
FICA (abbreviation and definition) (Federal Insurance Contributions Act) creates a payroll requiring deduction from paychecks
Fringe Benefits extra money supplementing the employees salary
Gross income Total amount of income earned annually
Hourly Wage how much you make an hour
Income tax tax levied by a government directly on income
Medicare Tax used to fund the medicare program
Net income Net income also refers to an individual's 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 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 Commission is a sum of money that is paid to an employee upon completion of a task, usually selling a certain amount of goods or services
Social Security Tax ocial 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 a sum of money customarily given by a client or customer to a service worker, in addition to the basic price
W2 form 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 is an Internal Revenue Service (IRS) tax form completed by an employee in the United States to indicate his or her tax situation 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: ascheffer19