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taxes & income vocab

done, produced, or occurring every two weeks or twice a week. biweekly
person who needs someone or something for aid, support, favor, etc. a child, spouse, parent, or certain other relative to whom one contributes all or a major amount of necessary financial support: She listed two dependents on her income-tax form dependent
a payment option where your funds are electronically transferred to your checking or savings account. direct deposit
money derived from paid work. earned income
a person employed for wages or salary, especially at non executive level. employee
a person or organization that employs people. employer
the process of exempting a person from paying taxes on a specified amount of income for themselves and their dependents. exemptions
the tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts, and other legal entities. Federal Income Tax
“Federal Insurance Contributions Act.”: the money that is taken out of workers' paychecks to pay older Americans their Social Security retirement and Medicare (Hospital Insurance) benefits. It is a mandatory payroll deduction. FICA
an extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance, etc. Fringe Benefits
the total amount you earn before tax gross income
a rate an employer agrees to pay a worker per hour worked, hourly wage
tax levied by a government directly on income, especially an annual tax on personal income. income tax
tax on wages that U.S. employers are liable to withhold from employees' paychecks to cover the costs of the Medicare program. medicare tax
an individual's income after taking taxes and deductions into account net income
money earned at an increased rate for working more than the usual number of hours in one week overtime pay
a system in which the people who work for a company receive a direct share of the profits. "a profit-sharing scheme" profit sharing
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. salary
additional compensation the employee receives for meeting and exceeding the minimum sales threshold sales commissions
the tax levied on both employers and employees to fund the Social Security program. Social Security Tax
a deduction that lowers a person's tax liability by lowering his taxable income. Tax Deduction
a gratuity tips
the form that an employer must send to an employee and the Internal Revenue Service (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. W2 Form
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. W4 Form
an exemption that reduces how much income tax an employer deducts from an employee's paycheck. Withholding Allowance
Created by: Abeadle21