done, produced, or occurring every two weeks or twice a week.

requiring someone or something for financial, emotional, or other support.

the electronic transfer of a payment directly from the account of the payer to the recipient's account.

wages, salaries, bonuses, commissions, tips, and net earnings from self-employment.

a person or organization that employs people.

a person employed for wages or salary, especially at nonexecutive level.

the process of freeing or state of being free from an obligation or liability imposed on others.

tax on income and is imposed by the U.S. federal government.

FICA is a U.S. federal payroll tax. It stands for the Federal Insurance Contributions Act and is deducted from each paycheck.

an extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance, etc.

the sum of all wages, salaries, profits, interest payments, rents, and other forms of earnings, before any deductions or taxes.

a rate an employer agrees to pay a worker per hour worked

tax levied by a government directly on income, especially an annual tax on personal income.

a tax on wages that U.S. employers are liable to withhold from employees' paychecks to cover the costs of the Medicare program.

an entity's income minus cost of goods sold, expenses, depreciation and amortization, interest, and taxes for an accounting period.

the additional pay rate paid for working more than a specific number of hours in a week.

a system in which the people who work for a company receive a direct share of the profits.

a fixed regular payment, typically paid on a monthly or biweekly basis but often expressed as an annual sum, made by an employer to an employee, especially a professional or white-collar worker.

an additional compensation the employee receives for meeting and exceeding the minimum sales threshold.

The tax levied on both employers and employees to fund the social security program

a reduction of income that is able to be taxed and is commonly a result of expenses, particularly those incurred to produce additional income.

a sum of money given to someone as a reward for their services.

a required tax form that employers send to employees and the Social Security Administration (SSA) after the year ends. Employees then use information on the W-2 form to fill out their income tax forms.

an Internal Revenue Service tax form completed by an employee in the United States to indicate his or her tax situation to the employer. The W-4 form tells the employer the correct amount of tax to withhold from an employee's paycheck.

refusal to give something that is due or desired.

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Income and taxes

Term	Definition
BiWeekly	done, produced, or occurring every two weeks or twice a week.
Dependent	requiring someone or something for financial, emotional, or other support.
Direct deposit	the electronic transfer of a payment directly from the account of the payer to the recipient's account.
Earned income	wages, salaries, bonuses, commissions, tips, and net earnings from self-employment.
Employer	a person or organization that employs people.
Employee	a person employed for wages or salary, especially at nonexecutive level.
Exemptions	the process of freeing or state of being free from an obligation or liability imposed on others.
Federal income tax	tax on income and is imposed by the U.S. federal government.
FICA	FICA is a U.S. federal payroll tax. It stands for the Federal Insurance Contributions Act and is deducted from each paycheck.
Fringe benefits	an extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance, etc.
Gross income	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
Income tax	tax levied by a government directly on income, especially an annual tax on personal income.
Medicare tax	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	an entity's income minus cost of goods sold, expenses, depreciation and amortization, interest, and taxes for an accounting period.
Overtime pay	the additional pay rate paid for working more than a specific number of hours in a week.
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, made by an employer to an employee, especially a professional or white-collar worker.
Sales commissions	an additional compensation the employee receives for meeting and exceeding the minimum sales threshold.
Social security tax	The tax levied on both employers and employees to fund the social security program
Tax deduction	a reduction of income that is able to be taxed and is commonly a result of expenses, particularly those incurred to produce additional income.
Tips	a sum of money given to someone as a reward for their services.
W2 form	a required tax form that employers send to employees and the Social Security Administration (SSA) after the year ends. Employees then use information on the W-2 form to fill out their income tax forms.
W4 form	an Internal Revenue Service tax form completed by an employee in the United States to indicate his or her tax situation to the employer. The W-4 form tells the employer the correct amount of tax to withhold from an employee's paycheck.
Withholding	refusal to give something that is due or desired.

Created by: Mstalker22

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