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Incom & Taxes

TermDefinition
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 money derived from paid work.
Employer money derived from paid work.
Exemptions the process of exempting a person from paying taxes on a specified amount of income for themselves and their dependents
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 (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
Fringe Benefits an extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance, etc
Gross Income the amount of money you earn before anything is taken out for taxes or other deductions
Hourly Wage To determine your hourly wage, divide your annual salary by 2,080
Income Tax tax levied by a government directly on income, especially an annual tax on personal income
Medicare Tax
Net Income
Overtime Pay
Profit Sharing
Salary
Sales Commissions
Social Security Tax
Tax Deduction
Tips
W 2 Form
W 4 Form
Withholding Allowance
Created by: xwolverton21
Popular Finance sets

 

 



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