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Income and Taxes

QuestionAnswer
appearing or taking place every two weeks Biweekly
a person who relies on another for financial report Dependent
the electronic transfer of a payment directly from the account of the payer Direct Deposit
money derived from paid work Earned Income
worker Employee
person that hires the worker Employer
being free from an obligation Exemptions
tax levied by the US Federal Income Tax
federal insurance contributions act- la that creates payroll tax FICA
an extra benefit supplementing an employees salary Fringe Benefits
before deductions have been taken off Gross Income
the amount of money you earn per hour Hourly Wage
tax levied by a government directly on income Income Tax
tax on wages employers are liable to withhold Medicare Tax
amount person earns after taxes are taken out Net Income
amount of overtime paid to each employee Overtime Pay
a system in which the people who work for a company receive direct share of profits Profit Sharing
amount of money made usually per year Salary
additional compensation the employee receives for exceeding expectations Sales Commissions
tax taken off for social security program Social Security Tax
may reduce your income tax bill Tax Deduction
overbalance Tips
employer must send to employee and IRS at the end of the year W2 Form
IRS tax form completed by the employee W4 Form
exemption that reduces how much income tax an employer deducts Withholding Allowance
Created by: slau20
 

 



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