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Income and taxes

TermDefinition
BiWeekly occurring every two weeks or twice a week.
Dependent a person who relies on another, especially a family member, for financial support.
Direct Deposit electronic transfer of a payment directly from the account of the payer to the recipient's account.
Earned Income money derived from paid work.
Employer 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 their dependents.
Federal income tax Income taxes in the United States are imposed by the federal, most states, and many local governments.
FICA U.S. federal payroll tax. It stands for the Federal Insurance Contributions Act
Fringe Benefits extra benefit supplementing an employee's salary
Gross Income households and individuals, gross income is the sum of all wages, salaries, profits, interest payments, rents, and other forms of earnings
Hourly Wage describes 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 wages that U.S. employers are liable to withhold from employees' paychecks to cover the costs of the Medicare program
Net Income is an entity's income minus cost of goods sold, expenses
Overtime Pay 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 regular payment, typically paid on a monthly or biweekly basis but often expressed as an annual sum
Sales Commissions are a common way to motivate and reward salespeople.
Social Security Tax tax levied on both employers and employees to fund the Social Security progra
Tax Deduction reduction of income that is able to be taxed and is commonly a result of expenses
Tips sum of money given to someone as a reward for their services.
W2 Form Internal Revenue Service tax form used in the United States to report wages paid to employees and the taxes withheld from them
W4 Form Internal Revenue Service tax form completed by an employee in the United States to indicate his or her tax situation to the employer
Withholding deduct (tax) from an employee's paycheck and send it directly to the government.
Created by: KFarrell2021
 

 



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