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income and taxes
| Question | Answer |
|---|---|
| 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
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