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Income and taxes

Bi Weekly done, produced, or occurring every two weeks or twice a week.
Dependent contingent on or determined by.
Direct Deposit a payment option where your funds are electronically transferred to your checking or savings account.
Earned Income any income from a job or self-employment.
Employee a person employed for wages or salary, especially at nonexecutive level.
Employer a person or organization that employs people.
Exemptions the process of freeing or state of being free from an obligation or liability imposed on others.
Federal Income tax the tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts, and other legal entities.
fica (abbreviation and definition) “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. It is a mandatory payroll deduction.
fringe benefits an extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance, etc
gross income is the individual's total pay from his employer before taxes or other deductions
hourly wage describes a rate an employer agrees to pay a worker per hour worked
income tax a tax that governments impose on income generated by businesses and individuals within their jurisdiction.
medicare tax a tax on wages that U.S. employers are liable to withhold from employees' paychecks to cover the costs of the Medicare program.
net income is the amount an individual earns after subtracting taxes and other deductions from gross income
overtime pay money earned at an increased rate for working more than the usual number of hours in one week When he works on the weekends
profit sharing a system in which the people who work for a company receive a direct share of the profits.
salary 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 commission additional compensation the employee receives for meeting and exceeding the minimum sales threshold.
social security tax the tax levied on both employers and employees to fund the Social Security program.
tax deduction A tax deduction is a deduction that lowers a person's tax liability by lowering his taxable income.
tips the pointed or rounded end or extremity of something slender or tapering.
w2 form form that an employer must send to an employee and the Internal Revenue Service (IRS) at the end of each year
w4 form s 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.
withholding allowance an exemption that reduces how much income tax an employer deducts from an employee's paycheck
Created by: EReyesSierra20