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taxes

TermDefinition
biweekly done, produced, or occurring every two weeks or twice a week
dependent contingent on or determined by
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.
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 federal income tax is the tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts, and other legal entities
fica ICA is an acronym for “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
fringe benefits an extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance, etc
gross income For households and individuals, gross income is the sum of all wages, salaries, profits, interest payments, rents, and other forms of earnings, before any deductions or taxes.
hourly wage a rate an employer agrees to pay a worker per hour worked, such as $12 per hour or $17.50 per hour.
income tax tax levied by a government directly on income, especially an annual tax on personal income
medicare tax Medicare tax is 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 n business and accounting, net income is a measure of the profitability of a venture. It is an entity's income minus cost of goods sold, expenses,
overtime pay Overtime pay is the amount of overtime paid to each employee in a pay period. Overtime pay is calculated
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
sales commissions A sales commission is additional compensation the employee receives for meeting and exceeding the minimum sales threshold
social security any government system that provides monetary assistance to people with an inadequate or no income.
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 The W-2 form is the form that an employer must send to an employee and the Internal Revenue Service (IRS) at the end of each year
w4 form Form W-4 (otherwise known as the "Employee's Withholding Allowance Certificate") 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
withholding allowance Withholding allowance refers to an exemption that reduces how much income tax an employer deducts from an employee's paycheck
Created by: hhogg21