Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Income and taxes
| Term | Definition |
|---|---|
| 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
Popular Finance sets