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Income and tax
| Question | Answer |
|---|---|
| BiWeekly | Every 2 weeks or twice a week |
| Dependent | Requiring someone or something for financial |
| Direct Deposit | The electronic transfer of a payment directly from the account of the payer to the recipients account |
| Earned Income | Money derived from paid work |
| Employee | A person employed for wages or salary |
| Employer | A person or organization that employs people |
| Exemptions | The process of exempting a person from paying taxes on a specified amount of income for themselves and dependents |
| Federal income tax | Tax that governments impose on income generated by business and individuals within their jurisdiction |
| FICA | Federal insurance contributions act, law that mandates a payroll tax on the paychecks of employees |
| Fringe benefits | An extra benefit supplementing an employees salary |
| Gross income | The amount of money you earn before anything is taken out for taxes or deductions |
| Hourly wage | Describes a date an employee agrees to pay a worker per hour worked |
| Income tax | Tax levied by a government directly on income, especially an annual tax on personal income |
| Medicare tax | A payroll tax that applies to all earned income and supports your health coverage when you become eligible for Medicare |
| Net income | A calculated sales minus cost of goods sold, selling, general, and administrative expenses, operating expenses, depreciation, interest, taxes, and other expenses |
| Overtime pay | Overtime is the amount of time someone works beyond normal working hours |
| 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 |
| Sales commissions | A fee based on a percentage of the sale made by an employee or agent |
| Social security tax | Tax levied on both employers and the employee to fund the social security program |
| Tax deduction | A deduction that lowers a persons tax liability by lowering their taxable income |
| Tips | Provide protection against inflations |
| W2 form | Reports an employees annual wages and the amount of taxes withheld from their paycheck |
| W4 form | Tells the employer the amount of tax to withhold from an employees paycheck based on their marital status |
| Withholding | Refuse to give |
Created by:
Amillz
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