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Income and Taxes
| Term | Definition |
|---|---|
| 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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