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Income and Taxes

TermDefinition
Bi Weekly Taking place every two weeks
Dependent Requiring someone or something for financial, emotional, or other 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.
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 Tax 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 the federal law that requires you to withhold three separate taxes from the wages you pay your employees.
Fringe Benefits An extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance, etc.
Gross Income Gross income, also known as gross pay, is an individual's total pay before taxes or other deductions.
Hourly Wage A rate an employer agrees to pay a worker per hour worked.
Income Tax A tax imposed on individuals or entities that varies with respective income or profits (taxable income).
Medicare Tax A tax on wages that U.S. employers are liable to withhold from employees' paychecks to cover the costs of the Medicare program.
Net Income The residual amount of earnings after all expenses have been deducted from sales.
Overtime Pay Pay 1.5 the normal pay rate for every hour over the standard 40 hour work week.
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.
Sales Commissions Additional compensation the employee receives for exceeding expectations. Employers pay employees a sales commission to incentive the employees to produce more sales and to reward and recognize people who perform most productively.
Social Security Tax The tax levied on both employers and employees to fund the Social Security program.
Tax Deduction 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 given to someone as a reward for their services.
W2 Form 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 is an Internal Revenue Service tax form completed by an employee in the United States to indicate his or her tax situation to the employer.
Withholding Allowance An exemption that reduces how much income tax an employer deducts from an employee's paycheck.
Created by: jbowers21