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taxes & income vocab
| Term | Definition |
|---|---|
| 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
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