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income and texes
Term | Definition |
---|---|
Bi-weekly | occurring every two weeks |
Dependent | relient on something or somebody |
direct deposit | the electronic transfer of a payment directly to the recipient |
earned income | money you work for |
employee | someone who works for you and you pay them |
employer | person or organization that employs people |
exemptions | the process of being free or in the process |
federal income tax | Individuals and corporations are directly taxable, and estates and trusts may be taxable on undistributed income. |
FICA | Mandates a payroll text on the paychecks of employees |
Fringe benifts | an extra benifet supplementing a employees salary |
Gross income | the individuals total pay from his employer before taxes and deductions |
Hourly wage | rate of compensation |
income tax | tax leveled by a gov. directly on income |
medicare tax | tax deducted from the wages of every legal American worker |
net income | Net income also refers to an individual's income after taking taxes and deductions into account. Calculating Net Income |