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Income and Taxes

TermDefinition
BiWeekly done, produced, or occurring every two weeks or twice a week
Dependent contingent on or determined by
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, especially at non executive level
Employer a person or organization that employs people
Exemptions the process of freeing or state of being free from an obligation or liability imposed on others
FICA The Federal Insurance Contributions Act (FICA) is a U.S. law that mandates a payroll tax on the paychecks of employees, as well as contributions from employers, to fund the Social Security and Medicare programs
Fringe Benefits an extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance, etc
Gross Income For households and individuals, gross income is the sum of all wages, salaries, profits, interest payments, rents, and other forms of earnings, before any deductions or taxes
Hourly Wage The term “hourly wage” describes a rate an employer agrees to pay a worker per hour worked.The “average” or “mean” is an estimated hourly rate calculated using the varying hourly rates of a group of workers in a specific occupation
Income Tax tax levied by a government directly on income, especially an annual tax on personal income
Medicare Tax Medicare tax is a payroll tax. It is an employee and employer tax, meaning you must withhold a certain amount from an employee's wages and make a matching contribution
Net Income In business and accounting, net income is a measure of the profitability of a venture. It is an entity's income minus cost of goods sold, expenses, depreciation and amortization, interest, and taxes for an accounting period
Overtime Pay Money earned at an increased rate for working more than the usual number of hours in one week When he works on the weekends, he collects overtime pay.
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, especially a professional or white-collar worker.
Sales Commissions A sales commission is additional compensation the employee receives for meeting and exceeding the minimum sales threshold.
Social Security Tax Social Security tax is the tax levied on both employers and employees to fund the Social Security program. Social Security tax is collected in the form of a payroll tax mandated by the Federal Insurance Contributions Act (FICA)
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 given to someone as a reward for their services
W2 Form The W-2 form is the form that an employer must send to an employee and the Internal Revenue Service (IRS) at the end of each year
W4 Form Form W-4 (otherwise known as the "Employee's Withholding Allowance Certificate") is an Internal Revenue Service (IRS) tax form completed by an employee in the United States to indicate his or her tax situation (exemptions, status, etc.) to the employer.
Withholding Allowance Withholding allowance refers to an exemption that reduces how much income tax an employer deducts from an employee's paycheck
Created by: berick20