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Income and Taxes

TermDefinition
Biweekly done, produced, occurring every two weeks or twice a week
Dependent a person who relies on another, especially a family member, for financial 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, especially at nonexecutive level
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 the tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts, and other legal entities
FICA (Federal Insurance Contribution Act tax) a U.S. federal payroll contribution directed towards both employees and employers to fund Social Security and Medicare
Fringe Benefits an extra benefit supplementing an employee's salary; ex) a company car, subsidized meals, health care, etc.
Gross Income an individual's total pay from their employer before taxes of other deductions
Hourly Wage the rate an employer agrees to pay a worker per hour worked
Income Tax tax levied by the government directly on income, especially an annual tax on personal 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 an entity's income minus cost of goods sold, expenses, depreciation and amortization, interest, and taxes for an accounting period
Overtime Pay the amount of overtime paid to each employee in a pay period
Profit Sharing a system un 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 an additional compensation the employee receives for meeting and exceeding the minimum sales threshold
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 as a way of rewarding them for their services
W2 Form the form that an employer must send to an employee and the IRS at the end of each year; the official Wage and Tax Statement that reports an employee's annual wages and the amount of taxes withheld from their paycheck
W4 Form an IRS tax form completed by an employee in the U.S. to indicate his or her tax situation (exemptions, status, etc.) to the employer
Withholding Allowance an exemptions that reduces how much income tax an employer deducts from an employee's paycheck
wage a fixed regular payment, typically paid on a daily or weekly basis, made by an employer to an employee, especially to a manual or unskilled worker
Created by: dkaiser20