Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account. Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Income and Taxes

QuestionAnswer
Gross Income Amount of pay earned BEFORE taxes.
Net Income Amount of pay earned BEFORE taxes.
BiWeekly Occurs every 2 weeks or twice a week
Dependent Contingent or determined by.
Direct Deposit A payment option where your funds are electronically transferred rather than physical checks.
Earned Income All the income and wages you get from working.
Employee Workers in a company, organization or community.
Employer A person or organization that employs people.
Exemptions State of being free from an obligation imposed on others.
Federal Income Tax Tax on the earnings of indivduals, corporations, trusts, and other legal entities.
FICA (Federal Insurance Contributions Act) Money that is taken outve workers paychecks to pay seniors social security retirment and medicare benefits.
Fringe Benefits An extra benefit supplemented in a salary. Ex: meals, company car, health insurance etc...
Hourly Wage A rate an employer agrees to pay a worker per hour worked.
Medicare Tax A tax on wages that employers are liable to withhold from employee's paychecks to cover costs of the medicare program.
Overtime Pay The cash compensation for the extra hours worked.
Profit Sharing A system in which people who work for a company receive a direct share of the profits.
Salary A fixed regular payment, paid monthly or weekly.
Sales Commissions An additional compensation the employee receives for meeting and exceeding the minimum sales threshold.
Tax Deduction A reduce of income that is able to be taxed and is a result of expenses.
Tips A sum of money given by a client or customer for certain service.
W2 Form A form that an employer must send to an employee and the IRS at the end of each year.
W4 Form An IRS tax form completed by an employee in the US to indicate their tax situation to the employer.
Withholding Allowance An exemption that reduces how much income tax an employer deducts from an employee's paycheck. Then the employer uses the W4 form to determine how much an employee's pay to subtract from their paycheck to remit to tax authorities.
Created by: Hweeks20
Popular Finance sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards