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Income and Taxes

BiWeekly done, produced, or occurring every two weeks or twice a week.
Dependent requiring someone or something for financial, emotional, or other support.
direct deposit the electronic transfer of a payment directly from the account of the payer to the recipient's account.
earned income money derived from paid work. Often contrasted with unearned income.
employee a person employed for wages or salary, especially at nonexecutive level.
employer a person or organization that employs people.
exemptions he process of freeing or state of being free from an obligation or liability imposed on others.
federal income tax In the United States, a tax is imposed on income by the federal, most state, and many local governments. The income tax is determined by applying a tax rate, which may increase as income increases, to taxable income as defined.
FICA Federal Insurance Contributions Act. he Federal Insurance Contributions Act is a United States federal payroll (or employment) contribution directed towards both employees and employers to fund Social Security and Medicare.
Fringe benefits an extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance, etc..
gross income total revenue received before any deductions or allowances, as for rent, cost of goods sold, taxes, etc.
hourly wage A regular payment, usually on an hourly, daily, or weekly basis, made by an employer to an employee, especially for manual or unskilled work.
income tax tax levied by a government directly on income, especially an annual tax on personal income.
medicare tax Tax deducted from the wages of every legally working American that is used to pay for the Medicare program provided to individuals over the age of 65.
net income the excess of revenues and gains of a business over expenses and losses during a given period of time.
overtime pay money earned at an increased rate for working more than the usual number of hours in one week.
profit sharing a system in which the people who work for a company receive a direct share of the profits.
salary 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.
sales commissions A sales commission is additional compensation the employee receives for meeting and exceeding the minimum sales threshold. Employers pay employees a sales commission to incentivize the employees to produce more sales.
social security tax Social Security tax is the tax levied on both employers and employees to fund the Social Security program.
tax deduction Tax deduction is a reduction of income that is able to be taxed and is commonly a result of expenses, particularly those incurred to produce additional income.
tips a sum of money given to someone as a reward for their services
W2 form Form W-2 is an Internal Revenue Service tax form used in the United States to report wages paid to employees and the taxes withheld from them. Employers must complete a Form W-2 for each employee to whom they pay a salary, wage, or other compensation.
W4 form form W-4 is an Internal Revenue Service tax form that is filled out by employees to indicate their tax situation to their employer.
withholding allowance A withholding allowance is like an exemption from paying a certain amount of income tax. So when you claim an allowance, you’re telling your employer (and the government) that you qualify not to pay a certain amount of tax.
Created by: cvancheri20



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