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Income and Taxes

TermDefinition
Total amount of pay earned BEFORE taxes? Gross Income
Every two weeks or twice a week is called? BiWeekly
Who is required to have financial help? Dependent
An electronic transfer of a payment directly from their account to the recipient's account is known as? Direct Deposit
Money derived from paid work? Earned Income
A person employed for wages or salaries are known as? Employees
A person or company that employs people are known as? Employers
The process of freeing from an obligation or liability imposed on others is called? Exemptions
A tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals is called? Federal Income Tax
What is FICA? (Federal Insurance Contributions Act) FICA tax is the money that is taken out of workers' paychecks to pay older Americans their Social Security retirement and Medicare (Hospital Insurance) benefits.
An extra benefit supplementing an employee's salary is known as? Fringe Benefits
The rate an employer agrees to pay a worker per hour worked is called? Hourly Wage
The tax levied by a government directly on income is called? Income Tax
The tax on wages that U.S. employers are liable to withhold from employees' paychecks to cover the costs of the Medicare program are called? Medicare Tax
The measure of the profitability of a venture is called? Net Income
The money earned at an increased rate for working more than the usual number of hours in one week is called? Overtime Pay
The system in which the people who work for a company receive a direct share of the profits is called? Profit Sharing
A fixed regular payment, typically paid on a monthly or biweekly basis is called? Salary
An additional compensation the employee receives for meeting and exceeding the minimum sales threshold is called? Sales Commissions
The tax levied on both employers and employees to fund the Social Security program is called? Social Security Tax
A reduction of income that is able to be taxed and is commonly a result of expenses is called? Tax Deduction
A sum of money customarily given by a client or customer to certain service workers for the service they have performed is called? Tips
The form that an employer must send to an employee and the Internal Revenue Service (IRS) at the end of each year is called the? W2 Form
An Internal Revenue Service (IRS) tax form completed by an employee in the United States to indicate his or her tax situation is called the? W4 Form
An exemption that reduces how much income tax an employer deducts from an employee's paycheck is called? Withholding Allowance
Created by: abergey20
 

 



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